Growing demand for aircraft maintenance amid constrained deliveries of new planes helped Bain Capital scale MRO Holdings before agreeing to a partial exit to AAR at an implied enterprise value of $4 billion, partner Matt Evans told PE Hub. Bain Capital-backed MRO Holdings is set to come under the control of AAR, which earlier this week signed a definitive agreement to acquire a 65 percent interest in the aircraft maintenance provider. The deal is expected to close in AAR’s fiscal third quarter ending February 2027.

The deal valuation represents 10.7x MRO Holdings’ forecast full calendar year 2026 adjusted EBITDA, including $75 million of anticipated run-rate cost synergies and net of transaction-related tax benefits with an expected present value of around $150 million.

“Demand is being driven by durable, structural factors. Airlines are flying aircraft longer as new deliveries remain constrained, and they are increasingly relying on trusted third-party providers for heavy maintenance,” Evans said. “MRO Holdings’ cost-competitive network across the Americas positions it well to serve that demand, particularly for US carriers.”

When the transaction closes, Bain Capital will retain a minority stake. Evans said bringing MRO Holdings together with AAR will create a platform with greater scale, deeper technical resources, and a broader ability to serve some of the world’s leading airlines.