A Mobile-based aerospace manufacturer, Continental Aerospace Technologies, that supplies engines and support services for aircraft around the world, is set to change hands under a $535 million acquisition agreement announced Monday.

Arcline Investment Management said it has entered into a definitive agreement to acquire the holding company of Continental Aerospace Technologies, founded in 1905 and operating in Mobile for decades.

Headquartered in Mobile, Continental operates from the Brookley Aeroplex and produces both gasoline-powered and Jet-A aircraft engines while providing avionics, interior services, maintenance, repair and overhaul support for customers around the world. The company serves aircraft manufacturers, flight schools, fleet operators and individual pilots through manufacturing and service centers in the United States, Europe and China.

In addition to manufacturing engines, Continental supports a large global fleet through its aftermarket parts and service operations.

Under the agreement, ownership would transfer from subsidiaries of Aviation Industry Corporation of China, Continental’s controlling shareholder, to Arcline, a private equity firm with more than $30 billion in assets under management. The acquisition has the support of Continental’s controlling shareholders, according to the announcement.

Arcline said Continental’s technical capabilities, customer relationships and worldwide customer base made the company a good fit for its aerospace and defense investments. The firm said it plans to continue investing in the business following the acquisition.

The transaction remains subject to customary closing conditions.

J.P. Morgan is serving as financial advisor to Arcline, while Freshfields LLP is acting as legal advisor in the deal.