Greenbriar Equity Group has completed the sale of STS Aviation Group to H.I.G. Capital.
STS Aviation Group provides nose-to-tail maintenance, repair, and overhaul (MRO) services, aircraft base and line maintenance, aircraft parts sales and distribution, aircraft repairs and modifications, aerospace engineering services, and workforce and staffing management. Its customers include airlines, aircraft lessors, and military organizations.
Founded in 1984 by CEO P.J. Anson, STS is headquartered in Jensen Beach, Florida, just north of Jupiter. The company operates a network of over 45 line maintenance stations across North America and the UK, with four aircraft hangars and two aircraft interior modification facilities. These line maintenance stations, located at or near airports, offer essential and routine aircraft maintenance services between flights.
Greenbriar acquired STS in January 2019 in partnership with Mr. Anson. “Greenbriar has been an exceptional partner to STS, thoughtfully advancing our growth strategy and improving our execution on an international stage,” said Mr. Anson. “Their expertise and resources have built STS into a diversified, global platform primed to take advantage of the many opportunities that lie ahead.”
In March 2019, STS acquired the Triumph Aviation Services – NAAS Division from publicly traded Triumph Group. Based in San Antonio, NAAS provides line maintenance support to airlines, MROs, government operators, and OEMs, specializing in fuel systems maintenance, leak detection, and bladder cell repair. At the time of the acquisition, NAAS had approximately 200 employees located at over 20 North American and two European sites.
In February 2021, STS acquired another division of Triumph Aviation Services, its AOG (Aircraft on Ground) on-site maintenance unit. STS followed this acquisition with the April 2021 purchase of Airline Rotables, a UK-based provider of supply, repair, and overhaul services for rotatable aircraft components. Rotatable components are parts that can be removed, repaired, overhauled, reinstalled on another aircraft, or kept as spares.
“We’re incredibly grateful for our partnership with P.J. and the entire STS team and extremely proud of the company’s strong performance, especially having navigated a few unprecedented years for the MRO industry together,” said Noah Blitzer, a managing director at Greenbriar. During the COVID-19 pandemic, the aviation sector faced sharp declines in air travel, grounded fleets, and reduced maintenance needs, creating a challenging environment for MRO companies.
“The investments we made in the company’s global capabilities and capacity will continue to unlock even greater opportunities for the business, and the entire Greenbriar team is confident in STS’s bright future,” added Mr. Blitzer.
Headquartered in Rye, New York, Greenbriar is an active investor in the supply chain, business services, and advanced manufacturing sectors. In January 2023, Greenbriar raised more than $3.4 billion for its sixth fund, Greenbriar Equity Fund VI LP, which was oversubscribed and closed above target at its hard cap. Since its founding in 1999, the firm has raised over $10 billion across six funds.
“We are very excited to partner with P.J. and the STS team and are highly impressed with the global business they have built,” said Matt Gullen, a managing director at H.I.G. “STS has established itself as a leader in the industry through its dedication to providing high-quality and reliable service via a highly skilled technical workforce and best-in-class leadership team. We look forward to working with the company to build upon their success and support the many growth initiatives ahead.”
H.I.G. Capital specializes in providing debt and equity capital to small and medium-sized companies, investing in management buyouts, recapitalizations, and corporate carve-outs of both profitable and underperforming businesses. The firm manages over $64 billion in equity capital and was founded in 1993. H.I.G. is headquartered in Miami with additional offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta.
Jefferies LLC and BMO Capital Markets were financial advisors to STS for this transaction.
© 2024 Private Equity Professional | October 16, 2024
