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MRO Holdings

AAR to Buy 65% of MRO Holdings in $4 Billion Aviation MRO Deal

AAR to Buy 65% of MRO Holdings in $4 Billion Aviation MRO Deal

Wood Dale, Illinois – September 28, 2026 -- AAR CORP. (NYSE: AIR) has agreed to acquire a 65% controlling interest in MRO Holdings at an implied enterprise value of $4.0 billion, creating what the company calls the largest heavy maintenance MRO operation in the world, servicing nearly 3,000 aircraft annually.

AAR values MRO Holdings at 10.7x forecasted 2026 EBITDA

The valuation represents 10.7 times MRO Holdings' forecasted full calendar year 2026 adjusted EBITDA, factoring in $75 million of anticipated run-rate cost synergies and net of transaction-related tax benefits with an expected present value of approximately $150 million.

AAR Corp Q1 Sales Jump 24% to $918M, Acquires 65% of MRO Holdings

AAR Corp Q1 Sales Jump 24% to $918M, Acquires 65% of MRO Holdings

Wood Dale, Ill. – September 28, 2026 -- AAR CORP. (NYSE: AIR) reported first-quarter fiscal 2027 sales of $918 million, a 24% jump from $739.6 million a year earlier, as the aviation aftermarket supplier simultaneously disclosed a definitive agreement to acquire a 65% controlling interest in MRO Holdings.

Sales climb 24% on parts distribution and repair growth

The quarter ended August 31, 2026, saw growth across all three core segments. Parts Supply sales rose 31%, driven by 23% organic growth in new parts distribution across commercial and government markets. The Repair, Engineering & Software segment grew 31% on airframe MRO, component MRO, and software activity, while Government Solutions increased 4% on Mobility Systems strength.