Airbus’ subsidiary Satair to acquire parts firm Unical

Satair, an Airbus company, has agreed to buy aircraft parts firm Unical Aviation Inc. (Unical) and its tear-down and aircraft storage subsidiary ecube. The agreement was announced last week, and the sale is expected to be finalised in early 2026, following regulatory approvals.

The acquisition includes Unical and ecube's seven operational sites and offices across North America, Spain, and the United Kingdom, with a combined 2024 revenue of $298 million and headcount of 413. 

Jefferies, LLC and Fifth Third Securities acted as financial advisors to Unical on the sale to Satair, and ReedSmith is serving as the company’s legal counsel on the transaction.

A win for Unical’s PE parent

The sale marks a significant win for Unical’s private equity owner, Platinum Equity, which only acquired the firm in 2021. In the last four years, Unical scaled its operations, diversified its inventory to include narrowbody and latest-generation aircraft and engines, and expanded its global footprint.  

One of the most significant moves was the acquisition of teardown firm ecube, which granted Unical an in-house teardown capability. This not only streamlined operations but also helped Unical to execute teardowns quickly, improving their ability to manage costs and bid on other assets.

The Ishka View

This recent deal signals more investment and consolidation in the commercial aircraft USM market. Platinum Equity always likely had ambitions to sell Unical quickly, but it is impressive just how much the PE firm achieved in four years in terms of positioning the firm for a sale.

Higher asset values, and a shortage of parts have helped the case for consolidation, elevating the value of the inventory of parts firms. For Satair the acquisition helps expand its USM offering as it looks to support Airbus customers.  Part-out prices for A320ceos appear to have broadly plateaued for the last eight months, given the continued need for parts as previous-gen aircraft continue to be operated and extended for longer than anticipated. Ishka understands that A320ceo airframe part-out prices are now broadly between $1 million to $3 million for most airframes for aircraft between 12 to 20 years of age, assuming end-of-lease condition, with no fresh APUs, or overhauled landing gear. More lessors are looking to part out A32neos (See Insight: "Briefing: Lessors mull parting out rejected Spirit A320neos"). Ishka understands that part-out firms are expecting to pay anywhere between $8 million to $10 million for some of these airframes.

The success of the recent sale puts the spotlight on, and raises questions about, some of Unical’s USM competitors and the potential appetite of their owners for a near-term sale.

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