HEICO Corp. [HEI] yesterday said it has acquired an 80 percent stake in military aircraft parts and support services firm Blue Aerospace, which primarily services foreign military organizations allied with the United States.
Terms of the deal were not disclosed but HEICO expects it to be accretive to earnings within a year.
Some of the platforms that Florida-based Blue supports include the C-130, P-3 and F-16 aircraft. The company is an authorized distributor of P-3 spare parts and is the sole integrator of the SFAR88 Fuel Systems Safety Retrofit Kit for the C-130 and derivative aircraft.
Blue, which has 30 employees, will become part of HEICO’s Flight Support Group, which designs, engineers, manufactures, repairs and distributed Federal Aviation Administration- approved parts for entire aircraft.
Blue’s management team will own the 20 percent interest not acquired by HEICO.