ITP Aero allies with BP Aero and becomes its majority shareholder

17 October 2023

Acquisition forms part of ITP Aero’s global growth strategy under its new ownership

ITP Aero, a portfolio company of Bain Capital, through its subsidiary ITP Aero US, has signed a definitive agreement to become a majority shareholder in BP Aero, a leading provider of aftermarket aircraft engine services based in Irving, Texas, USA. The founders and existing shareholders of BP Aero will remain involved in the company as it enters a new phase of growth.

Founded in 2008, BP Aero has become a leading provider of engine component repair services, hospital shop visits and engine disassembly. The company employs more than 200 people and is based in Irving, Texas, an aviation hub. Since its inception, BP Aero has grown rapidly and has developed a strong customer portfolio, thanks to its broad offering of industry-leading MRO services. ITP Aero will continue to invest in BP Aero to further develop its capabilities in the coming years.

For ITP Aero, this acquisition is part of its overall MRO strategy and the development of aftermarket capabilities on some of the most important engine platforms currently in service, a strategic area for the company. In addition, BP Aero will become ITP Aero’s first facility in the United States, an important growth area for ITP Aero.

Dennis Walsh, CEO of BP Aero, commented: “Mike, Kristen and I are delighted to announce that the next chapter of BP Aero’s growth begins as part of ITP Aero. Our mission at BP Aero has always been to provide the best service to our customers, which include OEMs, engine repair shops, asset managers, airlines and military product support. We would like to express our gratitude to the BP Aero team and our customers who have been with us on this journey. We will continue to serve our customers with such a strong and strategic partner as ITP Aero.”

Eva Azoulay, future Group CEO, and Carlos Alzola, CEO of ITP Aero, commented: “We would like to welcome BP Aero to the ITP Aero family. We are excited to join forces with Dennis, Mike, Kristen and the rest of the team to grow together and expand our capabilities and service offerings in the US and around the world. BP Aero has proven its ability to constantly develop new MRO solutions to meet the changing needs of the market and its valued customers and we have no doubt that we will continue to do so together in the future.”

This acquisition is part of ITP Aero’s strategy to reinforce its leading position as an independent company in the global aerospace market, including major investments such as the new R&D Centre the company is building in Zamudio (Spain). The acquisition coincides with Indra’s entry into the shareholding of ITP Aero, controlled by Bain Capital. Looking ahead, ITP Aero and Indra will explore new opportunities for collaboration, including the FCAS programme, in which Indra is the Spanish national coordinator and holds relevant positions alongside ITP Aero, as well as the exchange of industrial best practices or working together on R&D projects.

The acquisition of BP Aero is expected to close by the end of the year, once the relevant regulatory approvals have been obtained. Houlihan Lokey acted as exclusive financial advisor to BP Aero, and RBC Capital Markets acted as exclusive financial advisor to Bain Capital ITP Aero.