Diversified Aero Services Inc. (DASI), has acquired the business and assets of Aero Inventory (UK) Limited (Aero). The addition of the new business will give DASI further global reach and adds some 600 new customers to its portfolio through aeroinv.com’s state-of-the-art e-commerce platform.
Diversified Aero Services Inc. (DASI), a US-based commercial aircraft parts supplier, has acquired the business and assets of Aero Inventory (UK) Limited (Aero) for an undisclosed amount in a sale by Aero’s administrators, KPMG.
The business has been trading as aeroinv.com during an administration process which saw KPMG and the aeroinv.com management team consolidate millions of commercial aerospace parts from across the globe, develop a business plan and build a new business from the remnants of the old AIM-listed Aero Inventory Plc. The addition of the new business will give DASI further global reach and adds some 600 new customers to its portfolio through aeroinv.com’s state-of-the-art e-commerce platform.
John Dziuba, President and Founder of DASI, commented: “We have been supplying the aviation industry for over 20 years and today’s acquisition of the aeroinv.com platform bolsters our market position substantially. The DASI/aeroinv.com combination provides significant new routes to market for both platforms and the opportunity to provide a greater service to new and existing customers worldwide. We extend a warm welcome to the Aero team and look forward to an exciting future”
Jim Tucker, joint administrator of Aero Inventory and restructuring partner at KPMG, added: “Today’s sale is an important milestone in the administration of Aero Inventory. When we were appointed administrators in November 2009, the assets of the business (over 20 million aircraft parts) were spread across 130 locations around the world and held by customers claiming substantial damage to their business. We took the bold decision, with the support of major creditors, to build from scratch a brand new global aircraft parts business from within the confines of a company in administration. This involved consolidating the parts and all documentation into a single distribution hub in Singapore whilst building the ground-breaking aeroinv.com webstore to allow 24/7 sales around the globe. Following today’s sale, the business has emerged from administration and we wish DASI the best of luck with its growth plans.”
KPMG’s corporate finance team and UBS acted as joint financial advisers to the administrators on the sale of the business and assets of Aero Inventory (UK) Limited. The DASI Group was advised by NewMarket Partners, the London based turnaround and restructuring group. Amur Investment Company LLC is the investment partner to DASI in the acquisition.
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Key facts on aeroinv.com:
For media enquiries, please contact:
Sorrelle Cooper, Senior PR manager, KPMG
T: +44 20 7694 8527
M: +44 7932 078218
John Dziuba, President, DASI Group
T: +1 (305) 234-2333
KPMG Press Office: +44 (0) 207 694 8773
Notes to editors:
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 12,000 partners and staff. The UK firm recorded a turnover of £1.8 billion in the year ended September 2012. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 156 countries and has 152,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. KPMG International provides no client services.
About Diversified Aero Services Inc. (DASI)
Miami-based DASI supplies aftermarket commercial aircraft spare parts and services to customers in over 50 countries and are specialists in Airbus, Boeing, Bombardier and Embraer aircraft. DASI offers customers a comprehensive and diverse portfolio of high quality rotable and consumable spares delivered with industry-leading consistency, quality, and reliability.
Further communications on this acquisition will be available on www.dasi.com
About Amur Investment Company LLC
Based in New York, Amur Investment Company LLC invests in and provides financing to small and medium sized businesses worldwide in a variety of industries, with an emphasis on the transportation industry
UBS draws on its 150-year heritage to serve private, institutional and corporate clients worldwide, as well as retail clients in Switzerland. Its business strategy is centered on its pre-eminent global wealth management businesses and its universal bank in Switzerland. Together with a client-focused Investment Bank and a strong, well-diversified Global Asset Management business, UBS will expand its premier wealth management franchise and drive further growth across the Group.
About NewMarket Partners London-based NewMarket Partners
(www.newmarketpartners.co.uk) deploys executive and senior management expertise from many sectors to address core business and capital challenges, often brought into focus by a particular combination of events. It can deploy both operational and financial capability to resolve difficult situations quickly and directly. Much of the company’s work is focused on restoring stability and growth through transition management, restructuring, turnaround, crisis management and dispute resolution.
This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.