Velocity Aerospace Group Announces Acquisition of E.D.N. Aviation, Inc.
Prospect Partners' Portfolio Company Expands Aviation MRO Offering Into Control Panel Services
CHICAGO, Ill.—April 22, 2014: Prospect Partners, LLC, a leading private equity firm investing in lower-middle-market companies, today announced the strategic acquisition of E.D.N. Aviation, Inc. (EDN), by portfolio company Velocity Aerospace Group, Inc. (Velocity), a global provider of aviation maintenance, repair and overhaul (MRO) services.
The move expands Velocity's repair and overhaul service capabilities into control panel services. EDN, based in Van Nuys, Calif., is an FAA-EASA approved repair station and an ISO9001:2000 certified industry leader in the manufacture, repair, and refurbishment of aircraft cockpit panels. EDN also specializes in multi-unit fabrication and engineering/design services for various panel components such as light plates, circuit breaker panels, control wheels, and knobs. EDN will continue to be led by its current management team.
"EDN is a leading repair and manufacturing company led by an exceptional leadership team," said Velocity CEO Dale Gabel. "In addition, EDN provides Velocity with another strong cornerstone in our overall growth strategy as we continue to grow our family of aviation MRO services companies able to service the current and future needs of worldwide airline fleets. The combined vision of our leadership and engineering teams gives Velocity competitive advantages and differentiated services we can provide to our customers."
Added Maneesh Chawla, a Principal of Prospect Partners: "As Velocity further expands its capabilities and customer base through organic growth and select key acquisitions, the company is increasingly well-positioned as a single-source provider of MRO services for a wide range of customers' needs throughout the airplane. Velocity can service everything from sophisticated traffic collision avoidance systems, gyroscopes and LED, NVG and electroluminescent panels to standard accessories like ovens and coffee makers."
Velocity, which has an 80-year history in aviation MRO excellence, operates FAA-certified repair stations that offer a broad range of test, repair and overhaul services, including capabilities in avionics and in electronic instrumentation. The company serves commercial and regional airlines, corporate business aircraft, and military, municipal, and helicopter markets, both directly and through OEMs and other repair companies.
Going forward, Velocity Aerospace Group will continue to seek additional acquisitions of other niche aviation MRO services businesses based in the United States.
About Prospect Partners, LLC
Prospect Partners is a leading private equity firm investing in 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 110 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.