TransDigm Group has completed the $525m purchase of US-based maintenance, repair and overhaul (MRO) service provider Extant Components Group.

The deal was carried out through a combination of cash on hand and existing availability under TransDigm’s revolving credit facility. It is based on a definitive agreement announced last month.

Extant primarily provides various proprietary aftermarket products and MRO services to the aerospace and defence markets.

Business jet platforms served by Extant include Bombardier Learjets, the Cessna Citation range, and various Gulfstream aircraft.

“Extant has an unusual and attractive business model, with significant opportunities for growth.”

With a workforce of more than 170 employees, the company owns or exclusively licenses more than 2,500 assemblies and sub-assemblies on approximately 70 active platforms.

Extant aims to generate nearly $85m in revenue for the fiscal year ending in September.

Announcing the deal in March, TransDigm Group chairman and CEO W Nicholas Howley said: “Extant has an unusual and attractive business model, with significant opportunities for growth.

“This unique model fits well with our proprietary and aftermarket-focused value generation strategy. As usual, we anticipate attractive private equity type returns on this acquisition.”

TransDigm Group designs and builds highly engineered aircraft components for use on a wide range of commercial and military aircraft through its fully-owned subsidiaries.

The company’s key product portfolio includes mechanical / electro-mechanical actuators and controls, ignition systems, engine technology, cockpit security components and systems, aircraft audio systems, as well as engineered interior surfaces.