Swift Anchor Holdings has acquired Essential Turbines, a provider of maintenance, repair and overhaul services for aircraft engines.
Essential Turbines provides its services to both helicopter and fixed wing engines with a specialization in Rolls Royce M250, a turboshaft engine primarily used in helicopters and small fixed-wing aircraft, and RR300 engines, a turboshaft engine that is specifically designed for light helicopters.
The company also services pure thrust (turbojet) engines modules, components and accessories. Customers of Essential Turbines are active in the commercial, government and military sectors. Essential Turbines is headquartered in Montreal, with an additional location in Vancouver.
At closing, Gannon Gambeski, a partner of Swift Anchor with extensive operating experience, will become the new CEO of Essential Turbines. Michael Guntner, the company’s current CEO and President, will retain a minority ownership interest in the business in partnership with Swift Anchor.
Balance Point Capital Advisors co-invested in this transaction alongside Swift Anchor and Mr. Gunter by providing both debt and equity.
“I am excited to be partnering with Swift Anchor and Balance Point for the next stage of Essential Turbines’ growth,” said Mr. Guntner. “I was drawn to their mission-driven perspective, long-term outlook and their owner-operator mentality. I am confident that they will enable our team, customers and partners to benefit from further resources, capital and operating expertise. I am excited to remain involved in Essential Turbines as a shareholder, board member and senior advisor.”
“Mike and his team have formed a market-leading MRO with a phenomenal reputation,” said Elias Lebovits, the managing partner and founder of Swift Anchor. “We are looking forward to strengthening Essential Turbines’ focus on delivering customers the highest level of quality and service, while providing its employees with a rewarding work environment as we continue to grow the business.”
New York City-headquartered Swift Anchor makes control and significant minority investments in North America-based companies that have from $3 million to $30 million of EBITDA. Sectors of interest include healthcare, education and training, aerospace and defense, business and industrial services, and select special situations.
“Balance Point is thrilled to have partnered with Swift Anchor on this transaction, and we look forward to a new phase of growth at Essential Turbines,” said Seth Alvord, the managing partner of Balance Point. “Essential Turbines is well positioned to leverage the playbook that Mr. Gunter has established over 30 years, while continuing to find new ways to offer mission critical support to the company’s growing customer base.”
Balance Point invests from $15 million to $125 million of first and second lien debt, unitranche debt, subordinated debt, and equity in lower middle-market companies that have revenues of $10 million to $150 million and EBITDA between $5 million and $30 million. Sectors of interest include business services, consumer, food and beverage, healthcare, media and information services, and tech enabled services.
In October 2021, Balance Point held a final close of Balance Point Capital Partners V LP, the firm’s sixth fund, with capital commitments of $580 million, exceeding the fund’s target of $425 million. Balance Point, with $2.1 billion in assets under management, is based in Westport, Connecticut.
Toronto-headquartered Capital Canada was the exclusive financial advisor to Essential Turbines on this transaction.
© 2024 Private Equity Professional | June 14, 2024
Caymus Equity Partners has sold TriplePoint MEP to Stellex Capital Management.
“TriplePoint was another fantastic investment for Caymus Equity, having acquired a single-location business and transforming it into a ten-state, multi-regional operation in about five years,” said Geoff Faux, a partner at Caymus. “We recognized early on the significant opportunity to create value in the HVACR sector and identified Temp-Con as the right platform to execute our investment thesis. In close collaboration with an outstanding management team, we not only achieved our strategic initiatives, but also constructed one of the country’s largest and most recognized mechanical contractors in TriplePoint. The significant return we generated for our limited partners adds to the growing list of excellent investment outcomes for Caymus Equity.”
“We’ve had a lot of help from Caymus since our partnership began back in 2018,” said Gordie Beittenmiller, the CEO of TriplePoint. “We started at Temp-Con with approximately $25 million in annual revenue, and today we’re one of the largest MEPs in the United States. Whether it was developing a strategic roadmap to value creation, creating advanced key performance indicator (KPI) tools to monitor ongoing operations across the organization, assisting with executing our M&A strategy, or making key personnel hires, Caymus was there every step of the way and provided us with the resources and support needed to get to where we are today.”
New York City-headquartered 
GenServe, a portfolio company of GenNx360 Capital Partners since April 2018, has acquired Electro-Motion.
“We are excited for GenServe to move into another highly desirable region on its path to becoming the leading nationwide independent backup power systems service provider,” said Daphne Dufresne, a managing partner at GenNx360.
InTandem Capital Partners has held an above target and final closing of InTandem Capital Partners Fund III LP with $715 million in capital commitments. Fund III’s original target was $650 million.
“We are delighted and grateful for the success of the fundraising for Fund III,” said Elliot Cooperstone, the managing partner of InTandem. “We view the strong support as a testament to the depth and experience of our team and firmwide reputation built over two decades of partnering with healthcare services entrepreneurs. My colleagues and I are committed to working with great determination to deliver compelling returns and reward the trust of our limited partners.”
“Our long-standing focus on the Healthcare Quintuple Aim – the simultaneous pursuit of enhanced patient experience, elevated provider experience, improved clinical outcomes, greater healthcare equity, and lower cost of care delivery – continues to resonate with institutional investors,” added Brad Coppens, a senior partner at InTandem. “We believe that investment success is intrinsically linked to alignment with and promotion of the Healthcare Quintuple Aim.”
