Transactions
July 15 2018
KippsDeSanto & Co. Advises GenNx360 Capital Partners on its acquisition of Precision Aviation Group, Inc.
KippsDeSanto & Co. is pleased to announce the acquisition by its client, GenNx360 Capital Partners (“GenNx360” or the “Company”) of Precision Aviation Group, Inc. (“PAG”), a portfolio company of PNC Riverarch Capital. GenNx360 is a New York City-based private equity firm established in 2006 focused on acquiring middle market business services and industrial companies with proven and sustainable business models.
Headquartered in Atlanta, GA, with nine additional locations across the globe, PAG is a leading provider of maintenance, repair, and overhaul (“MRO”) and global supply chain network solutions for fixed and rotary-wing operations across a range of diverse end markets. As the exclusive provider of its trademarked Inventory Supported Maintenance, Repair, and Overhaul (“ISMRO®”) capability focused on multi-site logistics and full lifecycle support, PAG delivers comprehensive support to varied general aviation, commercial, and military platforms. In addition, the Company maintains its status as one of only a few companies, outside of Original Equipment Manufacturers (“OEM”), to collectively hold unlimited ratings granted by the Federal Aviation Administration (“FAA”).
The acquisition is expected to integrate GenNx360’s industry experience, OEM relationships, and operational expertise alongside PAG’s technical proficiency and talented management team to create new growth opportunities. The partnership allows PAG to leverage GenNx360’s resources to enhance its current suite of products and services, providing PAG with multiple avenues to pursue growth within the aviation MRO services market. Financial terms of the transaction were not disclosed.
We believe this transaction demonstrates several key trends in the aerospace and defense M&A environment:
• Highly-fragmented aviation aftermarket, including distribution of parts and MRO services, provides opportunistic buyers diverse and numerous opportunities to consolidate the industry through tuck-in acquisitions
• Significant value can be unlocked from acquisition targets with proprietary / differentiated technologies, such as Parts Manufacturer Approval (“PMA”) components and Designated Engineering Representative (“DER”) repairs
• Attractive aviation market fundamentals, driven in part by increasing traffic demand, utilization, and commercial fleet size, are expected to continue into the foreseeable future
• Sophisticated private equity buyers with intimate knowledge of target industries and explicit growth strategies can successfully compete against strategic buyers for coveted assets
LEAD INVESTMENT BANKERS
Brian T. Tunney
Nathan C. Wilson
KippsDeSanto & Co. is pleased to announce the acquisition by its client, GenNx360 Capital Partners (“GenNx360” or the “Company”) of Precision Aviation Group, Inc. (“PAG”), a portfolio company of PNC Riverarch Capital. GenNx360 is a New York City-based private equity firm established in 2006 focused on acquiring middle market business services and industrial companies with proven and sustainable business models.
Headquartered in Atlanta, GA, with nine additional locations across the globe, PAG is a leading provider of maintenance, repair, and overhaul (“MRO”) and global supply chain network solutions for fixed and rotary-wing operations across a range of diverse end markets. As the exclusive provider of its trademarked Inventory Supported Maintenance, Repair, and Overhaul (“ISMRO®”) capability focused on multi-site logistics and full lifecycle support, PAG delivers comprehensive support to varied general aviation, commercial, and military platforms. In addition, the Company maintains its status as one of only a few companies, outside of Original Equipment Manufacturers (“OEM”), to collectively hold unlimited ratings granted by the Federal Aviation Administration (“FAA”).
The acquisition is expected to integrate GenNx360’s industry experience, OEM relationships, and operational expertise alongside PAG’s technical proficiency and talented management team to create new growth opportunities. The partnership allows PAG to leverage GenNx360’s resources to enhance its current suite of products and services, providing PAG with multiple avenues to pursue growth within the aviation MRO services market. Financial terms of the transaction were not disclosed.
We believe this transaction demonstrates several key trends in the aerospace and defense M&A environment:
• Highly-fragmented aviation aftermarket, including distribution of parts and MRO services, provides opportunistic buyers diverse and numerous opportunities to consolidate the industry through tuck-in acquisitions
• Significant value can be unlocked from acquisition targets with proprietary / differentiated technologies, such as Parts Manufacturer Approval (“PMA”) components and Designated Engineering Representative (“DER”) repairs
• Attractive aviation market fundamentals, driven in part by increasing traffic demand, utilization, and commercial fleet size, are expected to continue into the foreseeable future
• Sophisticated private equity buyers with intimate knowledge of target industries and explicit growth strategies can successfully compete against strategic buyers for coveted assets
LEAD INVESTMENT BANKERS
Brian T. Tunney
Nathan C. Wilson
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