Loar Holdings
Assembly Line
Loar Holdings Inc. Announces Acquisition of Applied Avionics, Inc.
Loar Holdings Inc (NYSE:LOAR), announced that it has signed a definitive agreement to acquire Applied Avionics, Inc. (“Applied Avionics”) for $385 million in cash. Given the bespoke nature of the solutions, nearly all Applied Avionics’ revenues are derived from proprietary designs. Applied Avionics products are found on a multitude of platforms in both the commercial and military aerospace and defense end-markets. Applied Avionics employs over 80 teammates at its headquarters and manufacturing facility in Fort Worth, Texas. We expect that Applied Avionics sales and adjusted EBITDA for the year ending December 31, 2024, will be approximately $40 million and $21 million, respectively. Loar expects to receive tax benefits of approximately $45 million as a result of the transaction. Therefore, including the estimated tax benefit, Loar’s effective purchase price multiple will be approximately 16x Applied Avionics 2024 adjusted EBITDA.
Loar Files Registration Statement for Proposed Initial Public Offering
Loar Holdings, LLC, which will convert into a corporation and be renamed Loar Holdings Inc. (“Loar”), announced that it has publicly filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (“SEC”) relating to a proposed initial public offering of its common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. Loar has applied to list its common stock on the New York Stock Exchange under the symbol “LOAR.”