Platinum Equity has closed its acquisition of Wesco Aircraft Holdings Inc. in a deal valued at $1.9 billion.
The Valencia aircraft parts and supply chain services provider is now a privately held company and its shares stopped trading on the New York Stock Exchange as of Thursday.
Wesco will be combined with Pattonair, a supply chain management services business for the aerospace and defense industries based in the United Kingdom. Pattonair is also owned by Platinum Equity, in Beverly Hills.
Todd Renehan, the chief executive of Wesco, has been named to the same position of the combined companies, which will remain headquartered in Valencia. Wayne Hollinshead, chief executive of Pattonair, has been named president.
Both Renehan and Hollinshead said they are excited to lead the combined companies.
“We have formed a highly diversified provider of end-to-end customizable supply chain solutions with greater scale, product range and purchasing ability,” Renehan said in a statement.
“We expect that our scale and reach, coupled with sophisticated inventory and supply chain management capabilities, will better position us to benefit from industry growth and drive greater operational efficiency,” Hollinshead added in a statement.
Wesco and Pattonair will serve more than 8,400 customers, including the top manufacturers of commercial and military aircraft and their subcontractors.