LongueVue Capital said Monday that it has has acquired Ascent Aviation Services Corp. No financial terms were disclosed. Based in Tucson, Arizona, Ascent is a provider of heavy maintenance, teardown, storage and line maintenance services for small to mid-sized operators and leasing companies.
NEW ORLEANS, Oct. 14, 2013 /PRNewswire/ — LongueVue Capital (“LVC”), a New Orleans-based private equity firm, announced today it has invested both equity and mezzanine capital in Ascent Aviation Services Corporation (“Ascent”), a Federal Aviation Administration licensed provider of maintenance, repair, and overhaul (“MRO”) services for multiple platforms of narrow body aircraft.
Based in Tucson, Arizona, Ascent specializes in heavy maintenance, teardown, storage, and line maintenance services for small to mid-sized operators and leasing companies. Ascent has the capabilities to service the B737, B757, B727, MD-80, DC-9, A320 and CRJ families. The ASCENT facilities located at Tucson International Airport consist of 48 acres of concrete ramp, over 34,000 square feet of hangar space along with 88,000 square feet of backshop and secured warehousing and consignment space in an ideal desert climate.
In addition to acquiring Ascent, LVC will invest growth capital to build a new hangar, improve the existing facilities, and enhance the company’s service capabilities. This investment will enable the company to service additional aircraft platforms and attract a larger and more diverse set of customers, and thus provide for substantial growth in the business.
“Ascent and its highly committed management team have successfully grown the business and established an outstanding reputation for providing exceptional MRO service and support to its customers,” said John McNamara, Co-founder and Managing Partner of LongueVue Capital. “We are excited to partner with Ascent to facilitate its next stage of growth and help the company become one of the premiere narrow body MRO providers in North America.”
Michael Melvin, President of Ascent, comments, “We are excited to partner with LongueVue to continue Ascent’s growth and further build upon our track record for excellent service delivery. This partnership will enable us to expand into A320 family services, build a new hangar and add additional personnel. The company’s workforce, hangars, state-of-the-art paint facility, workshops and warehousing facilities, along with established concrete storage at Tucson International Airport, are a great platform to support our future growth.”
ABOUT LONGUEVUE CAPITAL
LongueVue Capital is a private equity company focused on making value-oriented equity and debt investments in lower middle market companies (up to $100 million of revenue) to support buy-outs, recapitalizations, acquisitions, and growth. Since its formation in 2001, LVC has made successful investments in a wide variety of industries, including energy services, third-party logistics, electrical and instrumentation services, and wireless technology. LVC is based in New Orleans with additional offices in New York and Salt Lake City. For more information, please visit www.lvcpartners.com.