Northeast Aero Compressor ("NEACO") adds complex pneumatic, hydraulic and electro-mechanical component repairs to broaden the Jet Parts Engineering offering to aircraft operators in the aftermarket.
LOS ANGELES, Dec. 1, 2022 /PRNewswire/ -- 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.
About Vance Street Capital LLC
Vance Street Capital is a middle-market private equity firm focused on investing in highly engineered solutions businesses across the medical, life sciences, aerospace, defense, and industrial sectors. For over two decades, Vance Street's partners have worked with management teams and family owners 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.
About Jet Parts Engineering LLC
As a recognized and awarded leader in the development of FAA-approved PMA parts and engineered repairs, Jet Parts Engineering is devoted to providing spare parts solutions to a global network of airline and MRO partners. Jet Parts helps its customers battle the increasing costs of component, airframe, and engine maintenance with its competitive pricing, reduced lead times, and customized repairs. The company's ecommerce portal gives immediate access to pricing, availability, technical information, and the ease of order placement and tracking. Comprised of some of the best and brightest in the industry, Jet Parts' staff believes in attentiveness and responsibility to its customers. For more information, please visit: www.jetpartsengineering.com.
Head of Business Development and Investor Relations
SOURCE Vance Street Capital