The sale of a Gloucestershire-based aerospace manufacturing specialist in a deal valued in excess of $1.3billion has been approved by shareholders and industry regulators.

Ontic, who are based in Bishop's Cleeve, have been acquired by private equity and investment advisory firm CVC Fund VII.

Previously a subsidiary of BBA Aviation, Ontic is a leading provider of high-quality original equipment manufacturer-licensed parts for mature aerospace platforms.

Ontic's portfolio of products, licensed or acquired from major OEMs such as Honeywell, UTC Aerospace, Safran, Thales and GE Aviation, span all major aircraft systems in both civil and military markets.

The deal was originally announced to be worth $1.365billion, subject to price adjustments including cash and debt-like items at closing, resulting in a final price of $1.321billion.

In a statement announcing the completion of the deal, the new partners said: "Ontic provides a value-added solution to both OEMs and their clients, by taking on responsibility for the supply and repair of complex parts for mature platforms.

"The company supports more than 39,000 in-service aircraft through its portfolio of over 165 licenses for more than 7,000 parts. It has over 1,200 valued customers worldwide.

Gareth Hall, CEO of Ontic, said "We are thankful for all of the support we received from BBA Aviation and we are looking forward to our continued success and future growth with CVC.

"This is an exciting time for our business, to move forward as an independent organisation, with a strong new financial partner as owner, and the opportunity to do so much more with our OEM partners."

James Mahoney, Senior Managing Director at CVC Capital Partners, commented "Ontic has experienced significant growth over a sustained period as a result of the distinct and genuinely value-added solution the company provides to both OEMs and end users.

"We are excited about our new partnership with Gareth and his team and the opportunity to build on their success."

Ontic's global capabilities are delivered from approved manufacturing and repair facilities in Chatsworth, California; Creedmoor, North Carolina; Plainview, New York; Cheltenham in the United Kingdom and in Singapore.

CVC is a leading private equity and investment advisory firm. Founded in 1981, CVC today has a network of 24 offices and over 500 employees throughout Europe, Asia and the US.

To date, CVC has secured commitments of over US$129 billion from some of the world's leading institutional investors across its private equity and credit strategies.

In total, CVC currently manages approximately US$83 billion of assets, in 73 companies worldwide, employing over 300,000 people in numerous countries.

Together, these companies have combined annual sales of approximately US$100 billion.