Jet Parts Engineering (“JPE”), a leading designer of proprietary OEM-alternative parts and repair services for the commercial aerospace industry and a portfolio company of Vance Street Capital, today announced it has acquired Northeast Aero Compressor (“NEACO” or the “Company”), a leading aerospace component repair business focused on complex pneumatic, hydraulic and electro-mechanical parts in commercial and cargo aircraft.
The acquisition of NEACO by JPE, which Vance Street partnered with in 2018, creates a diversified leader in PMA parts, DER repairs, and component repair capabilities to offer a broad array of aftermarket services to their commercial, cargo, regional and military aircraft customers. JPE plans to invest significantly in NEACO’s Bohemia, NY facility to expand their technical resources and meet high market demands for aftermarket repairs.
Based in Bohemia, NY, NEACO is a leading aerospace component repair business focused on complex pneumatic, hydraulic and electro-mechanical parts in commercial and cargo aircraft. Founded in 1989 by Linda and Mike Gibson, the business has a history of solving complex problems for its airline partners, organically growing their service offering by developing unique repair and testing processes approved by the FAA. In an industry where quality and reliability are paramount, NEACO has industry-leading pneumatic and hydraulic testing systems in-house to ensure high quality standards.
“Jet Parts is thrilled to partner with NEACO and continue to deliver high quality solutions in the aftermarket. Linda and Mike Gibson have built a terrific team,” said Anu Goel, CEO and Founder of Jet Parts Engineering. “NEACO is a huge opportunity to add a highly complementary portfolio of component repairs to our existing PMA and DER offerings.”
“The Gibson family built a valuable business founded on the principles that Vance Street prioritizes in all investments: customer-first attitude, high quality standards and humility,” said Nic Janneck, Partner at Vance Street. “We are excited to continue to support the JPE team on their fourth add-on under Vance Street ownership.”
Vedder Price LLP acted as legal advisor to Vance Street Capital. Campolo, Middleton & McCormick, LLP served as legal advisor to NEACO. Debt financing for the transaction was provided by Neuberger Berman. Terms of the transaction were not disclosed.