Spain’s ITP Aero will acquire the majority of Texas-based aircraft engine aftermarket service provider BP Aero.

ITP Aero’s acquisition of BP Aero, a major provider of engine component repairs, hospital shop visits, and engine teardowns, is part of its broader MRO strategy focusing on development of aftermarket capabilities in key engine programs currently in operation. BP Aero positions itself as the sole independent service provider able to support airlines, engine overhaul shops, leasing companies and parts traders with varied maintenance offerings.

ITP Aero has been searching for new partnerships and engine programs since it was sold by Rolls-Royce to a consortium of investors led by Bain Capital in a $1.9 billion transaction completed in September 2022. ITP Aero remains a strategic supplier and partner for Rolls-Royce in both civil aerospace and defense programs.

BP Aero will represent ITP Aero’s first set of facilities in the U.S., an important growth area for the world’s ninth-largest aeronautical and engine components company.

“BP Aero has proven its ability to consistently develop new MRO solutions to meet the changing needs of the market and its valued customers, and we have no doubt that we will continue to do so together in the future,” Eva Azoulay, incoming group CEO, and Carlos Alzola, MD of ITP Aero, said Oct. 17.

The acquisition of BP Aero is expected to close by year-end following regulatory approval. On the transaction, Houlihan Lokey acted as the exclusive financial advisor to BP Aero while RBC Capital Markets acted as the exclusive financial advisor to Bain Capital and ITP Aero.