Transaction further enhances the Company’s catalogue of proprietary aftermarket parts for the commercial and cargo aerospace industry
SEATTLE–(BUSINESS WIRE)–Jet Parts Engineering LLC (“JPE” or “the Company”), a leading designer of proprietary OEM-alternative parts and repair services for the commercial aerospace industry and a portfolio company of Vance Street Capital, today announced the acquisition of AeroSpares, Inc. (“AeroSpares”). AeroSpares is the second strategic add-on acquisition for JPE, which partnered with Vance Street in July 2018.
Founded in 1993 and headquartered in Orlando, Florida, AeroSpares designs and sells proprietary aftermarket replacement components, known as Parts Manufacturing Approval (“PMA”) parts. Its portfolio consists of more than 30 PMAs, primarily focused on highly engineered pressure switches for the commercial and cargo markets. Over the last 27 years, AeroSpares, known for its engineering aptitude, has developed strong relationships with some of the largest airlines in North America and Europe.
Tom Webb, President of AeroSpares said, “I’m excited to team up with Jet Parts Engineering. AeroSpares has focused its efforts on providing improved reliability with its products. Combined with the customer service, technical capabilities, and sales reach of Jet Parts, we will better serve the aviation aftermarket.”
The merger will add to JPE’s catalogue of more than 1,300 PMAs, in addition to a growing portfolio of complementary proprietary component repair services. Going forward the platform will continue to expand its PMA and DER offerings to provide a comprehensive suite of solutions to meet its customers’ needs.
Anu Goel, President of JPE, commented, “AeroSpares is the leader in the PMA development of pressure sensors and pressure switches. Jet Parts is excited to offer these highly sought-after parts to our customers. Additionally, we look forward to having Tom work with our engineers to continue driving the development of next generation pressure sensors.”
“AeroSpares is a true innovator in the aerospace business,” added Nicholas Janneck, a Principal at Vance Street Capital. “Each of their parts imbeds technology that improves the performance and reliability of their parts compared to the originally designed parts.”
John LeRosen, a Partner at Vance Street Capital, said “We are excited to add AeroSpares to the platform and continue building a market leading catalogue of proprietary aftermarket parts.”
Vedder Price LLP acted as legal advisor to Vance Street Capital LLC. West PLC served as legal advisor to AeroSpares. Terms of the transaction were not disclosed.
About Vance Street Capital LLC
Vance Street Capital LLC is a middle-market private equity firm focused on investing in highly engineered solutions businesses across the industrial technology and medical markets. For over two decades, Vance Street’s partners have worked with management teams and family owners to accelerate revenue growth, improve operations and acquire strategic assets for the companies in their investment portfolio. For more information please visit: www.vancestreetcapital.com.
About Jet Parts Engineering LLC
As a recognized and awarded leader in the development of FAA-approved PMA parts and engineered repairs, Jet Parts Engineering (“Jet Parts”) is devoted to providing spare parts solutions to a global network of airline and MRO partners. Jet Parts helps its customers battle the increasing costs of component, airframe, and engine maintenance with its competitive pricing, reduced lead times, and customized repairs. The company’s ecommerce portal gives immediate access to pricing, availability, technical information, and the ease of order placement and tracking. Comprised of some of the best and brightest in the industry, Jet Parts’ staff believes in attentiveness and responsibility to its customers. For more information, please visit: www.jetpartsengineering.com.
Contacts
Nick Rust
Prosek Partners
(646) 818-9252
nrust@prosek.com
