Victory Park Capital has sold its portfolio company Ascent Aviation Services to LongueVue Capital Partners.
Ascent is a commercial aircraft maintenance, repair and overhaul service provider with a specialization in narrow body aircraft. Ascent performs heavy and line maintenance services, aircraft modification, transition and refurbishment work, aircraft storage and reclamation services, and consigned part sales. The company is based in Tucson, AZ (www.ascentmro.com).
Victory Park has held a stake in Ascent since December 2007 when it made a senior secured loan to its predecessor company. When the predecessor company filed for bankruptcy protection in January 2009, Victory Park provided a debtor-in-possession loan to finance the bankruptcy process, and subsequently purchased the assets in November 2009. Victory Park rebranded and repositioned the business, leading to a successful operational turnaround.
“We are truly appreciative of the relationship established with the Ascent team over the last several years,” said Matthew Ray, partner and co-founder of Victory Park. “Together, we managed a repositioning that drove strong organic growth; made substantial operational improvements that enhanced the margin profile; and executed strategic initiatives to secure future prospects at the Tucson airport. As a result of this collective effort, we are confident that Ascent is well positioned for future success.”
Victory Park Capital invests from$10 million to $50 million per transaction in small cap public companies and middle market private companies that typically generate less than $150 million in revenue and less than $30 million of EBITDA. The firm focuses on complex situations and seeks to build long term sustainable value in its companies. Victory Park is based in Chicago and has offices in Boston and San Francisco (www.victoryparkcapital.com).
“The Victory Park team added tremendous value in all aspects of our business since re-emerging as Ascent in 2009,” said Michael Melvin, President of Ascent. “Their experience in building businesses and the support they provided through a hands-on investment approach helped guide us as we solidified our market presence.”
LongueVue Capital makes equity and debt investments in lower middle market companies that have up to $100 million of revenue. Sectors of interest include manufacturing, business services, energy services, and third party logistics. The firm was founded in 2001 and is based in New Orleans with additional offices in New York and Salt Lake City (www.lvcpartners.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 10-11-13
