MRO Holdings Acquisition, Valuation, Funding & Investors

MRO Holdings was acquired by AAR for $1.8B in September 2026, a 1.8x multiple on $1B of revenue.

MRO Holdings acquisition price

$1.8B

Acquired by AAR · Sep 2026

MRO Holdings revenue at acquisition

$1B

Last twelve months · Sep 2026

MRO Holdings revenue multiple at acquisition

1.8x

EV/Revenue · Sep 2026

MRO Holdings EBITDA multiple at acquisition

6.3x

EV/EBITDA · Sep 2026

MRO Holdings Overview

About MRO Holdings

MRO Holdings is a Dothan, Alabama-headquartered provider of aircraft maintenance, repair, and overhaul services. It performs heavy maintenance checks, interior modifications, avionics upgrades, and freighter conversions on narrowbody and widebody aircraft for airlines worldwide. The company holds FAA and EASA certifications, operates multiple hangars across the US Southeast, and supports fleets from carriers like LATAM Airlines and Viva Aerobus.


Founded

2016

HQ

United StatesDallas, TX

Status

Acquired

Customer focus

B2B

Revenue model

Services

Revenue

$1B (Sep 2026)

Valuation

$1.8B (acquired Sep 2026)

MRO Holdings Acquisition

MRO Holdings was acquired by AAR for $1.8B on 28 September 2026.

The acquisition price implies a 1.8x revenue and 6.3x EBITDA multiple on $1B of revenue.

On September 28, 2026, AAR CORP. announced a definitive agreement to acquire a 65% controlling interest in MRO Holdings, Inc. at an implied enterprise value of $4.0 billion. The initial consideration is approximately $1.8 billion for the equity interest, alongside repayment of approximately $1.3 billion of MRO Holdings’ existing borrowings. AAR expects to finance the transaction with approximately $2.1 billion of new debt, about $780 million of AAR equity issued to existing MRO Holdings shareholders, and approximately $230 million from a private investment in public equity offering. Roberto Kriete, Caoba Capital and Bain will retain the remaining 35% interest, while AAR will have an option to acquire that interest within six years after closing. The transaction is expected to close in AAR’s fiscal third quarter ending February 2027. The acquisition advances AAR’s aftermarket platform strategy by expanding its aircraft maintenance, repair and overhaul footprint. It is expected to increase AAR’s maintenance facilities from seven to 12, maintenance service hours from approximately 7 million to 19 million, and aircraft serviced annually from approximately 1,200 to 3,000. MRO Holdings is a global provider of aircraft maintenance, repair and overhaul services with facilities in El Salvador, Mexico, Colombia, and the United States. In calendar year 2026, MRO Holdings is expected to generate approximately $1.0 billion of sales and $285 million of adjusted EBITDA.

MRO Holdings acquisition details
AcquirerDateTypePriceEV/RevenueEV/EBITDA
28 Sep 2026Strategic M&A$1.8B1.8x6.3x

Sources: aarcorp.com, aarcorp.com, reuters.com, prnewswire.com

MRO Holdings Funding History

MRO Holdings has raised 1 funding round.

MRO Holdings funding rounds
DateStageInvestorsDeal Summary
Jul 2024Strategic investmentBain CapitalBain Capital agreed in July 2024 to make a strategic minority investment in MRO Holdings, a Panama-based provider of aircraft maintenance for commercial airlines, to support the development of customer-centric initiatives. Financial terms were not disclosed and the deal was subject to customary closing conditions. MRO Holdings is one of the leading maintenance providers in the Americas, performing about 10 million hours of aircraft maintenance and modifications a year from facilities in Panama, El Salvador, Mexico and the United States. Its existing management team, led by Greg Colgan, continued to run the business alongside its existing investors, the Kriete family and Caoba Capital. Chairman Roberto Kriete said the investment recognised the company's Americas strategy for aircraft maintenance and that Bain Capital's aerospace and operational expertise would help scale the platform and expand its capabilities through organic and strategic growth. In 2026 AAR agreed to acquire a 65% controlling interest in the company.

Who has invested in MRO Holdings?

1 investor has backed MRO Holdings across its funding rounds, including Bain Capital.


MRO Holdings Investors

Investors in MRO Holdings by funding rounds participated
InvestorHQRoundsRoleFirst check

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Acquisitions by MRO Holdings

MRO Holdings has acquired 1 company to date.

Last acquisition by MRO Holdings was on September 3rd 2016. MRO Holdings acquired Flightstar Aircraft Services, LLC for undisclosed valuation.


Latest Acquisitions by MRO Holdings

Flightstar Aircraft Services, LLC
Description
Flightstar Aircraft Services, LLC is a Jacksonville, Florida-based provider of heavy maintenance and modifications for commercial aviation. Operating as a subsidiary of MRO Holdings since 2016, it performs A, B, C, D checks, engine swaps on CFM56s, and winglet installs on Boeing 737s for cargo carriers like FedEx. Facilities handle passenger-to-freighter conversions and painting for fleets at Cecil Airport.
HQ CountryUnited States
HQ City
Jacksonville, FL
Deal Date3 Sep 2016
Valuationundisclosed
EV/Revenue
EV/EBITDA

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MRO Holdings Competitors

MRO Holdings competitors include listed companies like Redwire, MTAR Technologies, Sigma Advanced Systems and Intuitive Machines, and private ones like Vast and SpinLaunch.

Public and private companies comparable to MRO Holdings
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
RedwireUnited StatesUnited StatesPublicly listed$335M($179M)$1.8B3.1x
MTAR TechnologiesIndiaIndiaPublicly listed$92M$20M$1.8B12.2x
Sigma Advanced SystemsIndiaIndiaPublicly listed$52M$35M$1.8B-
VastUnited StatesLos Angeles, CAPrivate--$1.9B-
Intuitive MachinesUnited StatesUnited StatesPublicly listed$207M($111M)$1.7B3.6x
SpinLaunchUnited StatesLos Angeles, CAPrivate--$2B-

MRO Holdings Public Comps

MRO Holdings is no longer listed, but its public comps include Redwire, MTAR Technologies, Sigma Advanced Systems, Cirrus Aircraft, Intuitive Machines, Gaona Aero Material, Applied Aerospace & Defense, Azad Engineering, Apollo Micro Systems and Avio.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Redwire$335M($179M)4.2x3.1x(7.8x)(54.9x)
MTAR Technologies$92M$20M19.5x12.2x91.3x52.7x
Sigma Advanced Systems$52M$35M35.9x-53.6x-
Cirrus Aircraft$1.4B$233M1.0x0.9x5.8x5.0x
Intuitive Machines$207M($111M)14.3x3.6x(26.7x)(763.8x)
Gaona Aero Material$555M$67M3.1x2.7x26.1x22.3x
Applied Aerospace & Defense$604M$96M3.4x-21.6x-
Azad Engineering$63M$25M27.1x22.3x67.4x59.9x

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Common questions about MRO Holdings

When was MRO Holdings founded?MRO Holdings was founded in 2016.
Where is MRO Holdings headquartered?MRO Holdings is headquartered in Dallas, TX, United States.
Is MRO Holdings publicly listed?No, MRO Holdings was acquired by AAR in September 2026.
Who acquired MRO Holdings?MRO Holdings was acquired by AAR in September 2026.
How much was MRO Holdings acquired for?MRO Holdings was acquired for $1.8B in September 2026, a 1.8x revenue multiple.
What was MRO Holdings' last funding round?MRO Holdings' last funding round was a strategic investment round in July 2024.
Who are MRO Holdings' investors?MRO Holdings' investors include Bain Capital.
Which companies are comparable to MRO Holdings?Companies comparable to MRO Holdings include Redwire, MTAR Technologies, Sigma Advanced Systems, Vast, Intuitive Machines and SpinLaunch.
How many companies has MRO Holdings acquired?MRO Holdings has acquired 1 company, including Flightstar Aircraft Services, LLC.

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