Cleveland-based TransDigm Group (NYSE:TDG) just got a little bit bigger.

On Wednesday, the aerospace components supplier announced that it has agreed to acquire Long Island, N.Y.-based Arkwin Industries in a deal valued at $286 million cash. TransDigm hopes to close its purchase of Arkwin in Q3 2013.

Arkwin, a key supplier to Boeing, Airbus, Bombardier, and also Embraer, and Lockheed and Sikorsky as well, manufactures highly engineered aerospace hydraulic and fuel system components for commercial and military aircraft -- with revenues split roughly 50-50 between the two. Primarily an OEM supplier, Arkwin gets 40% of its commercial revenues from sales of aftermarket parts.

Arkwin did $95 million in business in 2012, giving today's acquisition a valuation of roughly three times sales. That's a significant discount to the valuation investors give TransDigm's own shares -- 4.3 times sales -- suggesting TransDigm is buying the company at a discount.

Investors seem to be taking that view, at least. Shares of TransDigm are up 3% on news of the Arkwin purchase, closing at $154.69.