Britain’s QinetiQ last Thursday said it has completed its $90.8 million acquisition of Germany’s E.I.S. Aircraft Operations, a provider of airborne training services.
QinetiQ, which first announced the deal in April, said the acquisition strengthens “our capability integration, threat representation and operational readiness offering to customers, while accelerating our international growth.” QinetiQ also said that E.I.S. also has growth potential given increasing demand for cost-effective training, noting that the company has achieved compound annual growth of 17 percent over the past three years.
E.I.S. leases Pilatus PC-9 and PC-12 turboprop aircraft to provide low-speed aerial training services to the German armed forces and aerial training services to the U.S. Air Force in Europe. The company’s training services include threat representation and operational readiness. Pilatus is a Swiss aircraft manufacturer.
E.I.S. also modifies aircraft for special missions.
QinetiQ said that E.I.S. has strong relationships with its customers.
E.I.S. had $26.1 million in sales and $7 million in operating income in 2017.
Houlihan Lokey served as E.I.S.’s financial adviser on the deal. E.I.S Aircraft Operations is a division of E.I.S. Aircraft Group, which is a portfolio company of the Swedish investment firm EQT Partners AB.