Prospect Partners has invested in Velocity Aerospace Group, a provider of aviation aftermarket services. The is the fifth portfolio company for Prospect Partners’ $200 million third fund. Velocity Aerospace Group seeks to acquire other providers of aviation aftermarket services.
Velocity Aerospace Group provides aviation maintenance, repair, and overhaul services to a global customer base of commercial air transports, corporate business aircraft, regional airlines, and helicopters. The company operates FAA-certified repair stations in California and Florida and is headquartered in Burbank, CA (no website found).
“Velocity Aerospace Group is a niche market leader with exceptional potential for continued growth,” said Maneesh Chawla, a Principal at Prospect Partners. “We look forward to supporting management in building a larger aviation MRO services company that leverages Velocity Aerospace’s unique capabilities in avionics and in electronic instrumentation.”
Serving on the board of Velocity Aerospace Holding Group, from Prospect Partners, are Mr. Chawla, as Chairman, and Prospect Partners’ Vice President Brad O’Dell, as a Director.
Prospect Partners focuses exclusively on management-led leveraged recapitalizations and acquisitions of niche market leaders with revenues between $10 million and $75 million. Since 1998, Prospect Partners has invested nationwide in more than 100 companies in a range of niche manufacturing, distribution, and specialty service markets. The firm has $470 million of capital under management and is based in Chicago (www.prospect-partners.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 4-16-13