mynth
06/2026

BAIN CAPITAL takes majority stake in FDH AERO

UNITED STATES Industrial Services / Industrial & Technical Distribution REV 500m USD - 1b USD

Context

Bain Capital’s majority investment in FDH Aero represents an ownership transition timed to underwrite the target's next institutional growth phase, leveraging a highly fragmented global aerospace distribution landscape to execute large-scale cross-border M&A. Under Audax Private Equity's prior nine-year ownership cycle, the asset completed 12 bolt-on acquisitions and built a multi-continental footprint, shifting from a domestic supplier into a consolidated global logistics platform. The transaction structure includes a significant rolled equity stake from Audax alongside Bain Capital's new capital injection, providing balance sheet capacity to fund immediate inventory expansion and technology upgrades. Chief Executive Officer Ian Walsh and the incumbent management team remain at the helm, ensuring zero disruption to complex defense procurement relationships and commercial client workflows. Post-closing priorities focus on accelerating the international M&A agenda in highly accretive specialized component categories, expanding high-margin licensed product agreements, and capturing market share within the recovering commercial MRO sector.

FDH AERO, which reported an EBITDA margin of LOGIN in 2025, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the Business Services sector (11.1x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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Target

FDH Aero functions as a high-volume global distributor of aerospace hardware, electrical components, and consumables and expendables (C&E) servicing commercial and military original equipment manufacturers (OEMs) and aftermarket maintenance, repair, and overhaul (MRO) providers. The corporate revenue model is built on continuous inventory availability and fulfillment efficiency, monetizing an expansive physical footprint of over 650,000 square feet of dedicated storage capacity across 15 countries. Procurement teams and fleet operators contract with the business through long-term umbrella supply agreements and transactional spot purchases designed to mitigate supply chain bottlenecks and eliminate aircraft-on-ground (AOG) risks. The operational infrastructure demands rigorous adherence to international aerospace quality standards and strict military supply chain traceability regulations, creating high switching costs for its diversified customer base. Turnover is fundamentally tied to predictable components replacement cycles and fleet utilization rates rather than cyclical aircraft production volumes, insulation that supports stable working capital conversion.

Ent. Value

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Multiples

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EV / EBITDA

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EV / EBIT

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Historical Financials (USD)

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REFERENCES

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Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Press release: view release

Target: fdh aero

Acquirer: bain capital