Dubai Aerospace Enterprise (DAE) has signed a deal to sell StandardAero to an affiliate of Veritas Capital for undisclosed sum.

StandardAero is one of the major independent providers of aircraft engine maintenance, repair and overhaul (MRO) services in North America, with clients in more than 70 countries.

DAE acquired StandardAero and Landmark Aviation in 2007 from buy-out firm Carlyle for $1.8bn.

The latest transaction will allow StandardAero to accelerate its growth through Veritas’ global market presence.

"DAE will now redeploy capital and refocus its efforts on building a world-class aerospace footprint anchored in Dubai."

DAE Managing Director Khalifa H AlDaboos said: "DAE will now redeploy capital and refocus its efforts on building a world-class aerospace footprint anchored in Dubai.

"We will focus on both organic and inorganic opportunities."

The company intends to purchase aircraft to expand its leasing portfolio with a current net book value of $3.7bn.

Veritas managing partner Ramzi Musallam said: "StandardAero is a cornerstone investment of Veritas Capital Fund V and creates a new strategic platform for Veritas in commercial and military aerospace.

"We look forward to applying our deep investment experience within the aerospace market to support the growth of StandardAero."

Moelis provided financial advisory services for the transaction, while Freshfields Bruckhaus Deringer served as the legal counsel for DAE.