GTCR has agreed to recapitalize Jet Support Services, a Chicago-based provider of maintenance support and financial services to the business aviation industry. No financial terms were disclosed for the transaction that will be done in partnership with JSSI CEO Neil Book. As part of the transaction, GTCR will acquire a majority stake in JSSI, while the Book family will retain a significant minority stake in the business.
CHICAGO, Nov. 19, 2020—GTCR, a leading private equity firm, announced today that it has signed a definitive agreement to recapitalize Jet Support Services, Inc. (“JSSI”, or the “Company”) in partnership with CEO Neil Book. As part of the transaction, GTCR will acquire a majority stake in JSSI, while the Book family will retain a significant minority stake in the business. The financial terms of the transaction were not disclosed.
Founded in 1989, and headquartered in Chicago, IL, JSSI is the leading independent provider of maintenance support and financial services to the business aviation industry. The Company offers hourly cost maintenance (HCM) programs for business aircraft, engines, airframes and auxiliary power units (APUs). JSSI provides its clients with comprehensive, flexible and affordable tools for managing the often unpredictable costs of operating and maintaining nearly all types of turbine-powered aircraft—including jets, turbo-props and helicopters.
The Company supports approximately 2,000 aircraft and 4,300 assets worldwide.
GTCR will partner with CEO Neil Book and the current management team as they continue to expand the Company’s capabilities and market presence. The firm has a proven track record of successful investments in the aviation industry, including notable past portfolio companies Landmark Aviation, a leading fixed base operator network, and CAMP Systems, a leading global provider of maintenance tracking software solutions for business aircraft. GTCR is also currently a significant investor in Gogo, a leading provider of broadband connectivity to the business aviation industry.
Neil Book, CEO of JSSI, said, “We look forward to partnering with GTCR to take JSSI to the next level of excellence. GTCR’s deep sector expertise and resourcefulness will be a tremendous asset as we embark on this growth journey.”
Craig Bondy, Managing Director at GTCR, stated, “We have built a relationship with Neil over many years investing in the industry, and have been extremely impressed with the business he has built and the team’s overall execution. We’re excited to partner with Neil and the JSSI management team to help them expand on our shared vision of further growth and product innovation.”
Mark Anderson, Managing Director at GTCR, added, “JSSI has a strong reputation for their deep commitment to providing clients with the highest standard of service and customer maintenance support, and we are thrilled to collaborate on their growth efforts.”
The transaction is expected to close in the fourth quarter of 2020.
PricewaterhouseCoopers served as accounting advisor and Kirkland & Ellis LLP provided legal counsel to GTCR. RBC Capital Markets LLC served as financial advisor and Akerman LLP provided legal counsel to the Company.
Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Technology, Media & Telecommunications, Growth Business Services, Healthcare and Financial Services & Technology industries. The Chicago-based firm pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through transformational acquisitions and organic growth. Since its inception, GTCR has invested more than $18 billion in over 200 companies. For more information, please visit www.gtcr.com.
JSSI is the leading independent provider of HCM programs for business aircraft, engines, airframes, and APUs. JSSI provides its clients with comprehensive, flexible, and affordable tools for managing the often-unpredictable costs of operating and maintaining all types of turbine-powered aircraft. JSSI is responsible for maintaining approximately 2,000 business jets, regional jets and helicopters across the globe and serves customers through an infrastructure of certified technical advisors. JSSI’s portfolio of companies leverage its technical knowledge, experience, buying power and data to provide support at every stage of the aircraft life cycle; from aircraft acquisition to aircraft teardown and part out. For more information, please visit www.jetsupport.com.