Target
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Buyer
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Description
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a portfolio company of
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a portfolio company of
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Target: Heaters, WV-based ISS Inspection Services is comprised of four customer-facing brands: NIC Inspection Services, PTI Industries (both accredited by the Federal Aviation Administration), PRO Inspection Services and CTS Inspection Services. Together, these entities serve almost 1,000 customers operating in the aerospace, space, defense, and energy markets and provide advanced capabilities in NDT, inspection, and special process services such as precision cleaning and coatings.
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Buyer: United Kingdom-based Element is a provider of materials and product qualification testing services to the aerospace, oil & gas, transportation, defense, communications, manufacturing, and industrial markets.
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Terms: Transaction announced on October 1, 2024. Terms not disclosed.
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a portfolio company of
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Target: Jensen Beach, FL-based STS Aviation specializes in aircraft base and line maintenance, aircraft interior solutions, aerospace engineering, aircraft repairs and modifications, aircraft parts sales, global parts distribution, and workforce management. The company operates aircraft hangars, two aircraft interior modification facilities, and more than 45 line maintenance stations across North America and the U.K.
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Buyer: Miami, FL-based H.I.G. Capital is a global private equity and alternative assets firm investing in middle-market companies across a range of industries, including healthcare, technology, manufacturing, and business services.
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Terms: Transaction announced on October 8, 2024. Terms not disclosed.
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PMA Division
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a portfolio company of
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Target: Cary, IL-based PMA Division of Mitchell Aircraft is an FAA-PMA approved airframe and accessory replacement parts shop. The division features a catalogue of roughly 170 parts, including rudder balance weights, engine cooling hoses, and cargo door lanyards.
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Buyer: Seattle, WA-based Jet Parts Engineering is a designer of proprietary OEM-alternative parts and repair services for the commercial aerospace market. The company provides proprietary aftermarket replacement components and complementary proprietary component repair services.
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Terms: Transaction announced on October 8, 2024. Terms not disclosed.
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FBO Operation
a portfolio company of
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Target: Roselle, IL-based Kellstrom Aerospace supplies aircraft spare parts and provides repair services to commercial and aerospace and defense industry. The company distributes commercial and military aircraft and engines, aftermarket aircraft parts, and rotable components. The company offers component repair and overhaul, component exchange, repair management, engine management and technical support, engine leasing/exchange, and logistics and material management services.
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Buyer: Alexandria, VA-based VSE provides aftermarket distribution and maintenance, repair and overhaul services for private sector and U.S. federal government aerospace, defense, naval, and supply chain markets.
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Terms: Transaction announced on October 15, 2024. Purchase price is expected to be $200M, 1.1x TTM Aug-24 revenue.
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