Vance Street Capital has recapitalized Seattle-based Jet Parts Engineering, a maker of aftermarket replacement components. No financial terms were disclosed.
LOS ANGELES–(BUSINESS WIRE)–Vance Street Capital LLC, a Los Angeles-based private equity firm, today announced the recapitalization of Jet Parts Engineering, Inc. (“JPE”), a leading designer of proprietary OEM-alternative parts and repair services for the commercial aerospace industry. This is Vance Street’s fifth investment out of its second private equity fund. Terms of the transaction were not disclosed.
Founded in 1994 and headquartered in Seattle, Washington, JPE provides proprietary aftermarket replacement components, known as Parts Manufacturing Approval (“PMA”) and complementary proprietary component repair services, known as Designated Engineering Representative (“DER”) repairs. JPE’s PMA parts and DER repairs deliver significant cost savings to its commercial airline and MRO customers.
As part of the transaction, Anu Goel, President of JPE, will continue to lead the business in his current role and is retaining a material ownership position in the company. “We are excited to partner with Vance Street as we look toward our next chapter of growth,” said Mr. Goel. “Vance Street has a long track record in aerospace, understands our business model and has the resources to support our growth aspirations.”
Richard Crowell, Managing Partner at Vance Street commented, “The JPE transaction embodies all of the key characteristics our firm looks for in a deal – the opportunity to partner with a world-class management team, a business with a strong position in a growing market, and a business model that is 100% proprietary and aftermarket.”
“Vance Street is always looking to partner with successful entrepreneurs like Anu,” added Nic Janneck, Vice President at Vance Street. “Over the last 20 plus years, Anu and his team have built a great company known for its engineering expertise. With Vance Street’s additional support and capital, JPE will be able to invest in the business, expand its product and repair portfolio and continue to provide best-in-class services to its customers.”
Vedder Price LLP acted as legal advisor to Vance Street Capital. Vance Street Capital partnered with limited partners MLC, Lexington Partners, Neuberger Berman, and Private Advisors, all of whom co-invested equity alongside Vance Street Capital in support of the transaction. Senior debt was provided by Neuberger Berman. Harris Williams & Co. and Perkins Coie LLP served as financial and legal advisors to Jet Parts.
About Vance Street Capital LLC
Vance Street Capital is a Los Angeles-based private equity firm which invests in middle-market businesses in the aerospace, defense, medical and industrial sectors. For over two decades, Vance Street’s partners have worked with management, family owners and other co-investors 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.