Velocity Aerospace Group, a portfolio company of Prospect Partners, has acquired E.D.N. Aviation, a provider of aviation repair services. This acquisition expands Velocity’s repair and overhaul service capabilities into control panel services. EDN will continue to be led by its current management team.
E.D.N. Aviation manufactures, repairs and refurbishes aircraft cockpit panels. The company also specializes in multi-unit fabrication and engineering/design services for panel components such as light plates, circuit breaker panels, control wheels, and knobs. EDN is a Federal Aviation Administration (FAA) and European Aviation Safety Agency (EASA) certified repair station. The company is based in Van Nuys, CA (www.ednaviation.com).
Velocity Aerospace Group provides aviation MRO services to commercial air transports, corporate business aircraft, regional airlines, and helicopters. The company operates FAA-certified repair stations in California and Florida that offer a range of test, repair, and overhaul services, including capabilities in avionics and in electronic instrumentation. Prospect Partners first invested in Velocity in April 2013. The company is based Burbank, CA (www.velocityaerospace.com).
“As Velocity further expands its capabilities and customer base through organic growth and select key acquisitions, the company is increasingly well-positioned as a single-source provider of MRO services for a wide range of customers’ needs throughout the airplane,” said Maneesh Chawla, a Principal of Prospect Partners. “Velocity can service everything from sophisticated traffic collision avoidance systems, gyroscopes and LED, NVG (night vision goggles), and electroluminescent panels to standard accessories like ovens and coffee makers.”
Velocity continues to seek additional acquisitions of other niche aviation MRO service businesses based in the United States.
Prospect Partners focuses exclusively on management-led leveraged recapitalizations and acquisitions of niche market leaders with revenues of less than $75 million. Since 1998, Prospect Partners has invested nationwide in more than 110 companies in a range of niche manufacturing, distribution, and specialty service markets. The firm has $470 million of capital under management and is based in Chicago with an additional office in Menlo Park (www.prospect-partners.com).
“EDN is a leading repair and manufacturing company run by an exceptional leadership team,” said Velocity CEO Dale Gabel. “In addition, EDN provides Velocity with another strong cornerstone in our overall growth strategy as we continue to grow our family of aviation MRO services companies able to service the current and future needs of worldwide airline fleets. The combined vision of our leadership and engineering teams gives Velocity competitive advantages and differentiated services we can provide to our customers.”
© 2014 PEPD • Private Equity’s Leading News Magazine • 4-22-14
