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Wesco Aircraft buys Toronto-based Interfast for $134 mln

Published: 10:32 24 May 2012 EDT

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Aircraft equipment supplier Wesco Aircraft Holdings (NYSE:WAIR) announced Thursday a deal to acquire Interfast, a specialty fastener distributer, for $134 million in cash.

"We are excited about the acquisition of Interfast, which we believe will accelerate our growth across North America and Asia and strengthen our relationships with several strategic aerospace customers," said Wesco’s chairman, president and CEO, Randy Snyder.

"This highly complementary acquisition will also allow us to broaden our product portfolio to include new lines such as specialty industrial products."

Wesco is a distributor and provider of wide-ranging supply chain management services to the aerospace industry worldwide, located in 11 countries across 30 locations.

Toronto-based Interfast is a distributor of specialty fasteners, fastening systems and production installation tooling for the aerospace, electronics and general industrial markets.

The company has a global presence working with both original equipment manufacturers (OEM), and maintenance, repair and overhaul (MRO) businesses to provide fastener-based solutions for a broad range of applications.

"In addition, this transaction will support our initiative to implement an MRO platform to provide this important set of customers with the world class service and on-time delivery that our OEM customers have experienced for decades," said Snyder.

"We believe that Wesco is well situated to capitalize on the expected growth in our industry and our acquisition of Interfast will create additional growth opportunities."

The company expects the purchase to be accretive in fiscal 2013.

The deal is expected to close toward the end of the fiscal third quarter, or the beginning of the fourth, and is subject to customary conditions.

Wesco’s has a broad inventory of aerospace parts, comprised of approximately 475,000 different stock keeping units, including hardware, bearings, tools, electronic components and machined parts.

Weco’s shares were changing hands at $14.20 Thursday morning.

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