Aircraft Propeller Services (APS) provides maintenance, repair & overhaul (MRO) services for aircraft propeller used in the regional, commercial, freight, military and general aviation markets. APS has 58 employees at its 30,000 square foot repair facility and headquarters located near Chicago in Wheeling, IL. APS was founded in 1956 (www.aircraftpropeller.com).
“We are excited to support Iron Range’s investment in APS,” said TCF Capital Funding Vice President Dan Delgadillo. “APS has exhibited strong growth and a leading position within its niche market and is well-positioned to continue to expand.”
Iron Range Capital invests in lower middle market companies with EBITDAs between $3 million and $20 million. Sectors of interest include niche manufacturing, business services, and value-added distribution businesses. The firm was founded in 2013 by Gary Stark and is based in Chicago (www.ironrangecapital.com).
“We are very excited to partner with Mark Grant, the CEO of APS, and the rest of APS team,” said Gary Stark, managing partner of Iron Range Capital Partners. “We see great potential in the aviation MRO space and look forward to helping APS capitalize on this significant market opportunity by leveraging APS’s core strengths and providing the company resources to execute a profitable growth strategy.”
TCF Capital Funding provides asset-based loans and private equity sponsor-backed cash flow loans to companies with less than $100 million in revenue and between $2 million and $10 million in EBITDA. The firm is led by Joseph Gaffigan, President, and is based just outside Chicago in Burr Ridge, IL (www.tcfcapitalfunding.com).
© 2014 PEPD • Private Equity’s Leading News Magazine • 5-5-14