US-based private equity fund Blackstone has agreed to buy MB Aerospace, an engine component manufacturer and repair solution provider owned by Arlington Capital Partners.

Through a management buy-out, MB Aerospace was spun out of engineering business Motherwell Bridge in 2007 and in 2013, and it was bought by Arlington Capital Partners.

The transaction is expected to close this year and is subject to customary regulatory approvals.

Blackstone managing director Bruce McEvoy said: "MB Aerospace is a best-in-class engine component manufacturing and repair platform, and we look forward to supporting the company as it continues to expand its capabilities during its next phase of growth."

MB Aerospace has facilities across the US, UK and Poland, where it manufactures complex machined and fabricated assemblies into production and aftermarket applications across an installed base of 65 engine platforms.

"We look forward to supporting the company as it continues to expand its capabilities during its next phase of growth."

The company plans to launch next-generation engines in the market in the near future. It also operates a repair business.

MB Aerospace CEO Craig Gallagher said: "This significant investment from Blackstone is very positive news for MB Aerospace as a company, for our staff and for our customers.

"It provides us with a huge opportunity to invest in our people and to continue to grow both organically and through acquisition both in the US and in Europe."

MB Aerospace provides services to Pratt & Whitney, Rolls-Royce, General Electric, Boeing, United Technologies Aerospace Systems, Pratt & Whitney AeroPower, GKN, Mitsubishi Heavy Industries, and the US Department of Defence.

After its sale, MB Aerospace’s management team will remain and be led by Gallagher.

Blackstone was advised by Simpson Thacher & Bartlett and Arlington was advised by Moelis & Company and Kirkland & Ellis.