Author: Naomi Cooper|| Date Published: April 25, 2024
Alexandria, Virginia-based aftermarket services provider VSE (Nasdaq: VSEC) has closed its acquisition of Turbine Controls, a Federal Aviation Administration-approved aircraft repair station, for $120 million in cash and common shares.
John Cuomo, president and CEO of VSE, said in a statement published Wednesday that the acquisition presents an opportunity for the company’s aviation segment to advance its aviation MRO strategy, including expanding its repair capability offerings and partnering with new original equipment manufacturers.
“The TCI team built a leading MRO business focused on offering a unique one-stop-shop model across engine and airframe components and accessories,” Cuomo said.
TCI is an independent MRO facility that offers aircraft engine components and accessories to OEMs, airlines, engine centers and government agencies.
Jones Day acted as legal counsel to VSE on the transaction.
RBC Capital Markets and Greenberg Traurig respectively served as financial adviser and legal counsel to Turbine Controls.
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