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Victory Park Capital Completes Sale of Ascent Aviation Services

  Victory Park Capital Completes Sale of Ascent Aviation Services

Business Wire

CHICAGO -- October 11, 2013

Victory Park Capital (“VPC”), an asset-management firm focused on debt and
equity investments in the lower middle market, today announced the sale of its
portfolio company, Ascent Aviation Services Corp (“Ascent” or the “Company”),
to LongueVue Capital Partners II, LP (“LVC”), a New Orleans-based private
equity firm. The terms of the transaction were not disclosed.

Headquartered in Tucson, Arizona, Ascent is a premier commercial aircraft
maintenance, repair and overhaul service provider with a specialization in
narrow body aircraft. Ascent performs heavy and line maintenance services,
aircraft modification, transition and refurbishment work, aircraft storage and
reclamation services, and consigned part sales.

VPC has held a stake in Ascent since December 2007, when it made a senior
secured loan to its predecessor company. When the predecessor company filed
for bankruptcy protection in January 2009, VPC provided a debtor-in-possession
loan to finance the bankruptcy process, and subsequently purchased the assets
in November 2009. VPC rebranded and repositioned the business, leading to a
successful operational turnaround. The firm implemented significant critical
changes, including the following:

  * Overhauled the management team with industry-leading executives;
  * Enhanced systems and operational controls, establishing best-in-class
  * Shifted the business and customer mix, building a more attractive revenue
  * Implemented numerous planning tools and quality metrics to drive increased
    customer satisfaction and margins; and
  * Expanded into several new aircraft platforms, including the B757, CRJ
    100/200 and A320 aircraft.

“We are truly appreciative of the relationship established with the Ascent
team over the last several years,” said Matthew Ray, partner and co-founder of
VPC. “Together, we managed a repositioning that drove strong organic growth;
made substantial operational improvements that enhanced the margin profile;
and executed strategic initiatives to secure future prospects at the Tucson
airport. As a result of this collective effort, we are confident that Ascent
is well positioned for future success.”

“The VPC team added tremendous value in all aspects of our business since
re-emerging as Ascent in 2009,” said Michael Melvin, President of Ascent.
“Their experience in building businesses and the support they provided through
a hands-on investment approach helped guide us as we solidified our market

About Victory Park Capital

Victory Park Capital is a privately held, registered investment advisor
dedicated to alternative investing. As specialists in less efficient markets,
VPC focuses on niche credit and private equity opportunities in both
distressed and improving U.S.-based lower middle market companies. Whether as
a lender or a control investor, VPC looks to identify situations on behalf of
its LP's where it believes the potential for reward outweighs the risks
entailed. Founded in 2007, VPC is headquartered in Chicago with additional
resources in New York, Boston and San Francisco. For more information, visit:

About Ascent Aviation Services

Ascent, located at Tucson International Airport, has a footprint that consists
of 23 acres of concrete ramp, over 34,000 sq ft feet of hangar space, and
88,000 sq ft of backshop and secured consignment space in an ideal desert
climate. The FAA and EASA approved repair station specializes in B737 Classic,
B737NG, MD80/90, B717, CRJ 100/200, B757 and A320 series aircraft. Ascent
performs heavy and line maintenance services, aircraft modification,
transition and refurbishment work, aircraft storage and reclamation services,
and consigned part sales. Ascent's objective is to become the premiere narrow
body MRO in North America by providing indisputable value complemented by the
highest quality professional service. For more information, visit:

About LongueVue Capital Partners

LongueVue Capital is a private equity company focused on making value-oriented
equity and debt investments in lower middle market companies (up to $100
million of revenue) to support buy-outs, recapitalizations, acquisitions, and
growth. Since its formation in 2001, LVC has made successful investments in a
wide variety of industries, including manufacturing, business services, energy
services, and third party logistics. LVC is based in New Orleans with
additional offices in New York and Salt Lake City. For more information,
please visit


for Victory Park Capital
Sheila Mulligan, 312-297-7508
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