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August 24
1974 - Pyramid Lake opens to the public [story]


Valencia-based Wesco Aircraft announced Friday it entered into a “definitive merger agreement” to be acquired by an affiliate of Platinum Equity for an estimated $1.9 billion.

The global company, which touts itself as a leading distributor and provider of comprehensive supply-chain management services to the global aerospace industry and with its worldwide headquarters on Avenue Stanford in Valencia, will close and combine with company Pattonair, a provider of supply chain management services for the aerospace and defense industries in the United Kingdom, according to a news release.

Wesco Aircraft shareholders would receive $11.05 per share in cash under the agreement, which was unanimously approved by its board of directors, according to the company.

“The cash purchase price represents a premium of approximately 27.5% to the 90-day volume-weighted average share price for the period ended May 24, 2019, the last trading day prior to media speculation regarding a potential transaction involving Wesco Aircraft,” the news release read.

The transaction is expected to be completed by the end of the year and is subject to Wesco Aircraft shareholder approval, regulatory clearances and other customary closing conditions, according to the company.

Upon the transaction’s completion, “Wesco will become a privately held company and shares of its common stock no longer will be listed on any public market,” the company said in the news release.

The $1.9 billion-merger has lead to an investigation by global investor rights law firm Halper Sadeh LLP on whether the sale is fair to its shareholders. The New York firm also announced Friday that it is looking into whether the sale to an affiliate of Platinum Equity for $11.05 per share is fair to shareholders.

The Valencia location employs about 500 people. Wesco Aircraft officials said more information would be publicly available as they’re ready to release in connection with the merger.

“We are excited about the opportunities a combination with Pattonair will provide Wesco. This is the right transaction for our shareholders, customers and employees,” said Todd Renehan, Wesco Aircraft CEO, in a prepared statement. He was named as the company’s new CEO in 2017.

The company’s services range from traditional distribution to the management of supplier relationships, quality assurance, kitting, just-in-time delivery and point-of-use inventory management.

Wesco Aircraft posed revenues of $442.37 million by the end of June 2019, which increased from the $410.36 million reported a year ago, according to its recent quarterly earnings.

“This transaction is a strong validation of our customer value proposition, and it will allow us to find new and innovative ways to bring more value to customers, enhance relationships with suppliers and create additional opportunities for employees,” he added.

“This is great news for our company and our customers and will create new avenues for growth and expansion. Wesco is an outstanding business with an impressive track record for innovation and customer service. We are excited about the prospects of working together,” said Wayne Hollinshead, Pattonair CEO, in a prepared statement.

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