GenNx360 Closes Fourth Aerospace Repair Buy

Precision Aviation Group, a portfolio company of GenNx360, has acquired Keystone Turbine Services.

Precision Aviation Group (PAG) is a supplier of aircraft parts, and inventory management and repair services to the aerospace and defense industry. PAG’s repair services cover more than 25,000 parts including avionics, starter generators, wheels and brakes and other accessories for a variety of fixed-wing and rotary-wing aircraft.

PAG is headquartered in Atlanta and operates 14 locations, 11 repair stations and 450,000-square-feet of sales and service facilities in the United States, Canada, Australia, Singapore and Brazil. The company, led by CEO David Mast, was founded in 1993 as Precision Heliparts by Scott James.

Keystone Turbine Services (KTS) specializes in providing aftermarket maintenance, repair and overhaul (MRO) services for operators of Rolls-Royce gas turbine engines, and related Honeywell and Triumph accessories. KTS is headquartered west of Philadelphia in Coatesville, Pennsylvania.

“We are excited about adding KTS to PAG,” said Mr. Mast. “The addition of KTS increases PAG’s repair stations to 12 worldwide, and further diversifies its MRO capabilities by expanding its services into the Rolls-Royce M250 engine.”

The buy of KTS is the fourth add-on acquisition for PAG since being acquired by GenNx360’s second fund in July 2018 from PNC Riverarch. The three earlier buys were Brazil-based EFIX Aviation Support in November 2020, Canada-based World Aviation Corporation in January 2020, and California-based Momentum Services Corporation in September 2019.

The buy of KTS was led by Daphne Dufresne, a managing partner at GenNx360. “I am pleased to assist PAG on its continued positive growth trajectory,” said Ms. Dufrense. “We’re excited about the opportunities that exist to expand PAG’s market share and this partnership will provide significant benefits to our customers. The latest acquisition is a testament to the strength of PAG’s management team.”

New York City-headquartered GenNx360 invests from $25 million to $100 million in industrial and business services companies that have revenues from $50 million to $500 million and EBITDA from $5 million to $50 million. The firm was founded in 2006 by its managing partners Ronald Blaylock and Lloyd Trotter and has completed investments in 23 platform companies and 40 add-on acquisitions.

Private Equity Professional | May 28, 2021

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