Origination

ITP Aero was formerly part of Rolls-Royce, a major global aerospace engine manufacturer. In 2021-22, the Bain Capital team saw in ITP a global leader in one of the most attractive and fast-growing aerospace industry segments. By acquiring ITP Aero from Rolls-Royce, we saw an opportunity to unlock the business’s unique engineering capabilities and untapped operational and commercial potential as an independent company.

Opportunity and investment

At the time, the aerospace industry was grappling with the unprecedented disruption to global demand and supply chains caused by the COVID pandemic. But our industry experience, cross-platform capability, and global view enabled us to see the ITP Aero opportunity amidst the industry challenges. Rolls-Royce needed a strategic and trusted partner for ITP, and our extensive track-record in corporate carve-outs and partnerships made us the preferred counterparty for the transaction.

Value creation

Since acquiring ITP Aero, we have supported the company in driving organizational, operational, and commercial excellence while supporting inorganic growth initiatives. Thanks to these efforts, ITP’s partnership position in today’s most advanced engine platforms, and strong end-market demand in both commercial and defence aviation, ITP has nearly tripled its earnings since our investment.

Today, ITP Aero is a larger, more diversified, and well-invested leading partner in designing, developing, manufacturing and providing lifecycle propulsion services for aeroengines for commercial and defence aviation. With its unique capabilities, the company is well-positioned to play a crucial role in delivering safe, sustainable propulsion solutions to the aviation industry globally and in developing the next generation of engines, which will power flight for decades to come. We are excited to continue partnering with ITP in this next growth phase.

“Since being recruited by Bain Capital in 2023, I have had the privilege of working with a dynamic, capable team that is sharply focused on delivering outstanding products and pursuing an exciting growth trajectory.”¹These endorsements are provided by certain CEOs and or founders of investments held by certain investment vehicles advised by Bain Capital affiliate investment advisers. None of these CEOs and or founders were directly compensated for providing these endorsements, however, the funds have made investments into such CEOs and or founders’ companies. As a result of this investment, a conflict of interest exists because the CEOs and or founders have an incentive to make positive statements about Bain Capital and their experiences with Bain Capital to maintain the goodwill with Bain Capital.

Eva Azoulay / CEO / ITP Aero

“Our investment in ITP Aero exemplifies how we leverage cross-platform expertise and strong sector conviction to back industry leaders, even in turbulent times. We believe ITP has truly unique capabilities and is led by an outstanding management team. The Company’s performance to date is testament to that.”

Ivano Sessa / Partner / Bain Capital