Private investment firm Architect Equity has completed the acquisition of global firm AAR’s aerospace composites business.

Currently operating as Aeromatrix Composites, the division specialises in designing, fabricating and assembling composite products and solutions.

It has customers in the commercial aerospace and defence industries.

Financial details of the transaction have not provided by either company.

AAR repair and engineering president Brian Sartain said: “Architect was a valued partner throughout the process.

“The company’s corporate divestiture expertise and ability to execute with speed and certainty allowed for a smooth transaction. The spirit of teamwork with which the transaction was carried out will ensure that Aeromatrix Composites continues to seamlessly serve its customers.”

Based in Los Angeles, California, Architect Equity is focused on acquiring and managing businesses in the lower middle market.

The firm provides immediate liquidity solutions to public and private business owners.

Following the acquisition, Aeromatrix will remain based in Clearwater, Florida.

Architect Equity managing director Dionisio Lucchesi said: “We are pleased to complete the acquisition of Aeromatrix Composites and we are excited to partner with the management team.

“Architect looks forward to bringing our financial and operational resources to fully support the company’s growth plans.”

In May, AAR reportedly closed its maintenance, repair and overhaul (MRO) facility in Duluth, Minnesota, US, and furloughed the majority of its employees after a drop in airline travel impacted its business due to the Covid-19 pandemic.