This acquisition further enhances the company’s catalogue of proprietary aftermarket parts for the commercial aerospace industry
SEATTLE, Wash. – January 7, 2020 Jet Parts Engineering LLC (“Jet Parts”), a leading designer of proprietary OEM-alternative parts and repair services for the commercial aerospace industry and a portfolio company of Vance Street Capital, announced the acquisition of Aero Parts Mart, Inc. (“APM”). APM is the first strategic add-on acquisition for Jet Parts, which partnered with Vance Street in July 2018.
Founded in 1999 and headquartered in Fort Worth, Texas, APM designs and sells proprietary aftermarket replacement components, known as Parts Manufacturing Approval (“PMA”) parts. Its portfolio consists of over 250 PMAs, primarily for the regional jet market. Over the last two decades, APM, known for its engineering aptitude and quality, has developed strong relationships with the largest regional jet operators in North America.
Steve Bowen, President of APM said, “We are very excited to partner with the Jet Parts team. APM has built a reputation and brand synonymous with safety, quality, innovation and customer satisfaction. Finding an organization that shared those values was paramount in my decision to sell the business.”
“APM and Jet Parts have developed a deep portfolio of PMAs and their customers view them as critical value-added suppliers,” said John LeRosen, a Partner at Vance Street. “In an industry that requires quality and safety, both businesses not only deliver high caliber products, but they also pride themselves on providing high touch customer service and cost-savings.”
The merger will result in a catalogue of more than 1,300 PMAs, in addition to a growing portfolio of complementary proprietary component repair services. Going forward the platform will continue to expand its PMA and DER offerings to provide a comprehensive suite of solutions to meet its customers’ needs.
Anu Goel, President of JPE, commented, “We are excited to work closely with Steve Bowen and the APM team to continue to grow the excellent business they have built. The addition of APM will not only expand our PMA offering at Jet Parts, but it will also strengthen our design and engineering capabilities.”
“Jet Parts operates in an attractive niche of the commercial aerospace aftermarket, with high degrees of intellectual property and regulatory oversight,” added Nic Janneck, a Principal at Vance Street Capital. “Anu and the Jet Parts team have built a great business that continues its impressive organic growth trajectory. APM shares all of those same characteristics and is strategic to Jet Parts’ growth going forward.”
Vedder Price LLP acted as legal advisor to Vance Street Capital LLC. Kelly Hart & Hallman LLP served as legal advisor to Aero Parts Mart. Debt financing for the transaction was provided by Neuberger Berman. Terms of the transaction were not disclosed.