Bain Capital, a private equity firm, completed the acquisition of ITP Aero, a Spanish aero engine and gas turbine manufacturer, from Rolls-Royce, a luxury automobile maker, for $2.3bn. SAPA, a provider of aluminium solutions, and JB Capital, a retirement planning firm, also participated in the acqusition. “ITP Aero has a great track record in an industry which is vital to the global economy, with attractive long-term growth potential. We see significant potential in further accelerating ITP Aero’s growth trajectory and investments in new technologies. Together with our partners SAPA and JB Capital we think we bring a unique understanding and ability to support ITP Aero. We look forward to working with ITP Aero’s management, employees and other stakeholders including the Spanish and Basque governments to realise the significant growth potential that ITP Aero has as an independent company,” Ivano Sessa, Bain Capital Managing Director. On August 3, 2022, Spanish government approves a $2.3bn sale of ITP Aero.