First Aviation Announces Sale of Controlling Interest In Aerospace Products
International to Resilience Capital Partners
WESTPORT, Conn., March 20, 2013
WESTPORT, Conn., March20, 2013 /PRNewswire/ --First Aviation Services Inc.
announced today that it has entered into an agreement to sell the majority of
its interest in Aerospace Products International Inc. ("API") to
Cleveland-based private equity firm Resilience Capital Partners.
API, which is based in Memphis, is a global aviation parts and equipment
distributor whichalso provides supply chain management services to the
aviation industry.Resilience, which manages funds with more than $320 million
in assets, will make a significant capital investment to make API more
competitive and dynamic. Resilience is a partner in aviation companies
including Flight Options LLC and has investments in industrial, consumer goods
and technology businesses.
Kenneth C. Ricci and Ulf Beurgel, both operating partners with Resilience,
will oversee the investmenton behalf of Resilience. API's President and Chief
Executive Officer, Andrew Trosper, will continue in his role after the
transaction is complete. API does not anticipate any changes in operations
related to the transaction.
First Aviation will retain a minority equity interest in API and continues to
own 100 percent of its subsidiaries, Aerospace Turbine Rotables,Inc. (AeTR)
and Piedmont Propulsion Systems,LLC (PPS).
"This agreement will raise API's competitive standing in the industry while
enabling First Aviation to focus on our core businesses," said Aaron
Hollander, First Aviation's Chairman and ChiefExecutive Officer. "We believe
that our partnership with Resilience will be productive and beneficial for
employees, investors and customers."
"API has a record of being a quality partner and offering quality service to
its customers and aviation partners," said Steven H. Rosen, the co-CEO of
Resilience. "We intend to invest significant capital to build on the
foundation already in place and we look forward to working with the company's
management team to develop this leading aerospace distribution platform."
First Aviation indicated that the2012financials for the Company reflecting
the transaction will be available shortly.
About First Aviation
First Aviation Services Inc. (FAvS), located in Westport, Connecticut, is a
leading provider of repair and overhaul, retables management and related
engineering services to the aviation industry worldwide. FAvS' principal
operating subsidiaries are Aerospace Turbine Rotables Inc. (AeTR) in Wichita,
Kansas, and Piedmont Propulsion Systems, LLC (PPS) in Winston-Salem, North
Carolina. FAvS also owns a minority interest in Aerospace Products
International Inc., based in Memphis.More information about FAvS and its
subsidiaries may be found on the company's website, www.firstaviation.com.
Please see our forward looking statements at www.firstaviation.com/forward.
About Resilience Capital Partners
Headquartered in Cleveland, Ohio, Resilience Capital Partners is a leading
private equity firm with a team of in-house operating experts that bring large
company resources to the lower middle market. Founded in 2001, Resilience
Capital Partners' value-oriented investment strategy focuses on acquiring
companies experiencing a variety of special situations within a broad range of
industries. Since its inception, Resilience Capital Partners has invested in
26 companies under 18 platforms, together representing over $2 billion in
revenues and over 5,000 employees. Resilience Capital Partners manages
multiple private equity funds with capital under management in excess of $320
million. For more information, please visit www.resiliencecapital.com.
Contact: Larissa Strautman
First Aviation Services Inc.
SOURCE First Aviation Services Inc.
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