Prospect Partners Invests In Velocity Aerospace Group; New Platform Provides Range of Aviation Aftermarket Services
CHICAGO, Ill.—April 16, 2013: Prospect Partners, LLC, a leading private equity firm investing in smaller lower-middle-market companies, today announced that it has invested in Velocity Aerospace Group, Inc., a global provider of aviation aftermarket services.
The fifth portfolio company of Prospect Partners' $200 million third fund, Velocity Aerospace Group provides aviation maintenance, repair, and overhaul (MRO) services to a global customer base of commercial air transports, corporate business aircraft, regional airlines, and helicopters. The company, which operates FAA-certified repair stations in California and Florida, is known for its strong management, highly skilled avionics technicians, dedicated customer service, modern facilities, and broad range of test, repair, and overhaul capabilities.
"Velocity Aerospace Group is a niche market leader with exceptional potential for continued growth," said Maneesh Chawla, a Principal at Prospect Partners. "We look forward to supporting management in building a larger aviation MRO services company that leverages Velocity Aerospace's unique capabilities in avionics and in electronic instrumentation."
Going forward, Velocity Aerospace Group seeks to acquire other providers of aviation MRO services.
Serving on the board of the holding company, Velocity Aerospace Holding Group, Inc., from Prospect Partners are Mr. Chawla, as Chairman, and Prospect Partners' Vice President Brad O'Dell, as a Director.
About Prospect Partners, LLC
Prospect Partners is a leading private equity firm investing in smaller lower-middle-market companies, managing $470 million across three funds. A highly experienced and active investor, Prospect Partners focuses exclusively on management-led leveraged recapitalizations and acquisitions of niche market leaders with revenues typically under $75 million. Since 1998, Prospect Partners has invested opportunistically nationwide in 100 companies in a broad range of niche manufacturing, distribution, and specialty service markets. Based in Chicago, Prospect Partners also has an office in Menlo Park, Calif. For more information, visit www.prospect-partners.com.