ICV Partners has acquired Universal Turbine Parts, a distributor, refurbisher and seller of turboprop engine components and engines. Farol Asset Management and Neuberger Berman Private Equity co-invested with ICV on this transaction. Universal Turbine Parts has been a portfolio company of Golder Hawn Johnson & Morrison since December 2012.
Universal Turbine Parts (UTP) is one of the world’s largest distributors of aftermarket turboprop aircraft engines and engine parts. The company specializes in the PT6 and PW100 engine platforms manufactured by Pratt & Whitney that power more than 14,000 aircraft worldwide in commercial and military use and are among the most popular engines in its class. Universal Turbine Parts was founded in 1993 and is based northwest of Montgomery in Prattville, AL (www.utpparts.com).
“UTP supplies parts and replacements for one of the most successful engines in aviation history and the company is virtually in a class of its own in terms of its in-stock parts that are readily available,” said Cory Mims, Managing Director of ICV Partners. “We see continued growth for UTP by leveraging the expertise of the management team and sales personnel to expand to other engine platforms and build its position as a significant supplier to its global customers.”
“The aftermarket we serve continues to grow as the existing installed base of PT6A and PW100 engine platforms age and come due for maintenance and replacement,” said Joel Plake, Chief Executive Officer of UTP. “With the support of our new partners at ICV, UTP will further develop our industry leading position as we identify new opportunities to support our existing customers as well as identify new opportunities in the aviation aftermarket.”
ICV Partners invests in family-owned and closely-held businesses as well as corporate divestitures that have revenues from $25 million to $250 million and EBITDAs from $5 million to $30 million. The firm has $850 million of capital under management. ICV was founded in 1998 and has offices in New York and Atlanta (www.icvpartners.com).
“The acquisition of UTP fits ICVs strategy of partnering with existing management to buy market leading businesses in the middle market and we continue to evaluate a robust pipeline of attractive opportunities in which to invest,” added Mr. Mims.
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