ITP Aero signs binding agreement to acquire Aero Norway

Strategic acquisition strengthens ITP Aero’s CFM56 aftermarket capabilities

The acquisition of Aero Norway is expected to close during the first half of 2026, after obtaining the customary approvals.

ITP Aero, global leader in aerospace propulsion, has signed a binding agreement to acquire Aero Norway, a leading MRO provider specializing in the overhaul and repair of CFM56 engines. This agreement marks a significant step in ITP Aero’s global growth strategy and reinforces its commitment to expanding its aftermarket service capabilities.

Based in Stavanger (Norway), Aero Norway has built a strong reputation for high-quality CFM56 engine maintenance services. It serves a growing customer base that includes airlines, lessors, and asset managers worldwide. The company operates out of a state-of-the-art facility at Sola Airport and employs over 200 highly skilled workforce.  

This acquisition aligns with ITP Aero’s strategic focus on strengthening its position in the global aerospace aftermarket, particularly in key large commercial platforms. The two companies bring highly complementary strengths: Aero Norway’s deep overhaul expertise in CFM56, combined with ITP Aero’s MRO offerings, robust engineering base and advanced component repair capabilities, creates powerful synergies that enhance the value and competitiveness of their combined aftermarket services.

This strategic milestone is the latest step in ITP Aero’s MRO growth strategy, strengthened following Bain Capital’s acquisition of ITP Aero in 2022. It follows the acquisition of BP Aero in the U.S. in 2023 and ITP Aero’s recent selection to join Pratt & Whitney’s GTF MRO network, expanding its global footprint and capabilities across major engine platforms.

Eva Azoulay, CEO of ITP Aero Group, commented: “The signing of this binding acquisition agreement marks a significant milestone in our strategic roadmap. This acquisition reinforces our ambition to become a leading independent player in the aerospace aftermarket. Aero Norway’s expertise and capabilities will be instrumental in delivering exceptional value to our customers as we move forward together.”

Neil Russell, CEO of Aero Norway, commented: “Today’s announcement marks the beginning of an exciting new chapter in our journey. By combining the complementary strengths of ITP Aero and Aero Norway, we will unlock significant synergies that enhance our competitiveness and deliver even greater value to our customers. We are pleased to join the ITP Aero Group and look forward to working together to drive innovation, technical excellence, and long-term growth in the global aerospace aftermarket.”

ITP Aero is on an ambitious growth journey. Since 2022, ITP Aero has tripled its earnings and is implementing its 2030 long-term strategy and Business Plan. ITP Aero expects to double the size of its business by 2030 and increase the global workforce by 50% through growth in all its business segments, civil, defence and MRO.

The acquisition of Aero Norway is expected to close during the first half of 2026, after obtaining the customary approvals. ITP Aero was advised on legal M&A matters by Baker McKenzie.