LOS ANGELES – April 16, 2013 – Vance Street Capital LLC, a Los Angeles-based private equity firm, announced today the acquisition of Associated Painters, Inc., an aircraft painting company specializing in narrow-bodied airplanes. Associated Painters is the first add-on acquisition for Leading Edge Aviation Services, a leading commercial and military aircraft painting company, which Vance Street acquired in April 2012. Terms of the transaction were not disclosed.
Associated Painters began operations in 1986 and since that time has refinished and painted more than 2,000 domestic and international aircraft. Headquartered in Spokane, Washington, the company has four paint locations in three states.
"The Associated Painters acquisition is highly complementary to Leading Edge Aviatio'’s core business and it enables the company to expand its geographic reach into Florida, Oklahoma and Washington,” said Brian Martin, principal at Vance Street Capital. "This strategic acquisition allows us to drive top-line growth by increasing our capabilities and customer base within the aviation Maintenance, Repair, and Overhaul (MRO) market."
"Our two firms have a great deal in common, which is why this transaction is such a strong fit," Leading Edge founder and CEO, Mike Manclark, said. "Not only are Leading Edge and Associated Painters the recognized leaders in this industry, but both companies are also Boeing-approved paint companies, servicing new OEM aircraft from B737 to B787, and serve as the primary provider to virtually every major airline. Our airline customers can continue to expect corporate quality finishes with the airline efficiency that we have been delivering for more than two decades."
Associated Painters' President Rod Friese will have an ownership stake in the combined business and will continue to oversee the day-to-day operations of the business along with his entire senior management team. Leading Edge and Associated Painters will continue to operate under their respective names and current leadership.
"We are excited to partner with Vance Street Capital and work with Leading Edge Aviation Services, which shares our unwavering commitment to outstanding quality," Friese said. "Combined, our two companies are uniquely positioned to provide our customers with innovative paint solutions for both their wide and narrow-bodied aircraft. And, with a wider geographic footprint, we will have the ability to decrease service times, thereby providing even greater flexibility and efficiency to our customers."
O'Melveny & Myers LLP acted as legal advisor to Vance Street Capital and Leading Edge in the transaction. Associated Painters was represented by Brian Gosline.
About Associated Painters Inc.
Headquartered in Spokane, Washington, with four state-of-the-art facilities in the United States, Associated Painters has been reimaging and painting all types of domestic and international aircraft since 1986. With over 2,000 aircraft painted to date, Associated Painters has emerged in the aerospace industry as the service provider of choice for aircraft manufacturers like Boeing, modification centers like Aviation Technical Services, Inc. (ATS) in Everett, Washington, AAR Aircraft Services (AAR) – in Oklahoma, and FlightStar in Jacksonville, Florida, as well as international and domestic airline companies. Currently, Associated Painters refinishes over 200 aircraft per year in four strategic locations in the United States. For more information, visit: www.associatedpaintersinc.com.
AAbout Leading Edge Aviation Services
Headquartered in Costa Mesa, California with operations in eight state-of-the-art facilities nationwide, Leading Edge Aviation Services, Inc. is a leading commercial, military, and VIP aircraft painting company. Founded in 1989, the company’s success is attributed to its strong vision and a continuous commitment to quality and excellence. Today, Leading Edge delivers an extensive range of commercial services including aircraft interior and exterior paint, OEM production coatings application support, mod-center paint services support, VIP aircraft interior completions and exterior paint, aviation graphics, aircraft weighing, long and short-term aircraft storage, field audits, fleet assessments, interior deep cleaning, and aircraft exterior wash and polish. For more information, visit: www.leadingedgecorp.com.
About Vance Street Capital
Vance Street Capital is a Los Angeles-based private equity firm that makes control investments in companies with enterprise values up to $200 million. Preferred industries include precision industrial manufacturing, aerospace & defense and medical components and devices. For over two decades, Vance Street’s partners have worked with management, family owners and other co-investors to accelerate revenue growth, improve operations and acquire strategic assets for the companies in their investment portfolio. For more information please visit: www.vancestreetcapital.com.
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