Jet Partners Engineering, which is backed by Vance Street Capital, has acquired Fort Worth, Texas-based Aero Parts Mart Inc, a provider of aftermarket replacement components. No financial terms were disclosed. Vedder Price LLP provided legal advice to Vance Street Capital LLC while Kelly Hart & Hallman LLP did likewise for Aero Parts Mart.
SEATTLE–(BUSINESS WIRE)–Jet Parts Engineering LLC (“Jet Parts”), a leading designer of proprietary OEM-alternative parts and repair services for the commercial aerospace industry and a portfolio company of Vance Street Capital, announced the acquisition of Aero Parts Mart, Inc. (“APM”).
APM is the first strategic add-on acquisition for Jet Parts, which partnered with Vance Street in July 2018.
Founded in 1999 and headquartered in Fort Worth, Texas, APM designs and sells proprietary aftermarket replacement components, known as Parts Manufacturing Approval (“PMA”) parts. Its portfolio consists of over 250 PMAs, primarily for the regional jet market. Over the last two decades, APM, known for its engineering aptitude and quality, has developed strong relationships with the largest regional jet operators in North America.
Steve Bowen, President of APM said, “We are very excited to partner with the Jet Parts team. APM has built a reputation and brand synonymous with safety, quality, innovation and customer satisfaction. Finding an organization that shared those values was paramount in my decision to sell the business.”
“APM and Jet Parts have developed a deep portfolio of PMAs and their customers view them as critical value-added suppliers,” said John LeRosen, a Partner at Vance Street. “In an industry that requires quality and safety, both businesses not only deliver high caliber products, but they also pride themselves on providing high touch customer service and cost-savings.”
The merger will result in a 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, “We are excited to work closely with Steve Bowen and the APM team to continue to grow the excellent business they have built. The addition of APM will not only expand our PMA offering at Jet Parts, but it will also strengthen our design and engineering capabilities.”
“Jet Parts operates in an attractive niche of the commercial aerospace aftermarket, with high degrees of intellectual property and regulatory oversight,” added Nic Janneck, a Principal at Vance Street Capital. “Anu and the Jet Parts team have built a great business that continues its impressive organic growth trajectory. APM shares all of those same characteristics and is strategic to Jet Parts’ growth going forward.”
Vedder Price LLP acted as legal advisor to Vance Street Capital LLC. Kelly Hart & Hallman LLP served as legal advisor to Aero Parts Mart. Debt financing for the transaction was provided by Neuberger Berman. 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 aerospace and defense, industrial, 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.