Onex Corporation (Onex) has announced that its Onex Partners Opportunities Fund has reached an agreement to acquire Farsound, a provider of supply chain solutions in the engine MRO market.

The investment is being made in collaboration with Farsound’s management team, which is headed by chief executive Chris Knott. The financial details of the deal have not been disclosed.

Farsound, headquartered in Brentwood, England, specialises in the procurement, supply and inventory management of high-volume consumable hardware components for aerospace engine overhauls. The company serves as a strategic partner to top engine MRO providers, supporting essential commercial engine platforms.

Farsound operates across four facilities located in the UK, US, Canada, and Spain.

Knott said: “We are excited to partner with Onex for Farsound’s next phase of growth. Onex shares our vision for growth of the business, and we have been impressed by both Onex’ experience and track record of helping businesses realise their growth ambitions.

“We look forward to working together and amplifying Farsound’s growth opportunity through our partnership.”

Faiz Hemani, a managing director at Onex Partners, said: “We are delighted to invest in Farsound and partner with Chris Knott and the management team to deliver on the next phase of its growth.

“We look forward to applying our aviation and aerospace networks for the company’s benefit across its customer landscape.”

This investment aligns with Onex Partners’ successful history in the aviation and aerospace sectors and its strategy of investing in companies with unique value propositions in growing markets.

The transaction is anticipated to close later this year, pending customary closing conditions and regulatory approvals.

Onex was advised by Barclays and Solomon Partners as financial advisors and Latham & Watkins LLP as legal counsel.