Vance Street Capital announced Friday that it has agreed to sell portfolio companies Jet Parts Engineering and Victor Sierra Aviation Holdings to TransDigm Group Incorporated for $2.2 billion.
The transaction will be completed through a binding stock purchase agreement and remains subject to closing conditions. TransDigm is a publicly traded manufacturer of aerospace components.
Victor Sierra Aviation Holdings, based in Baldwin City, Kansas, supplies aftermarket parts primarily to the general and business aviation markets through a group of brands that includes McFarlane Aviation, Tempest Aero Group and Aviation Products Systems.
Jet Parts Engineering is headquartered in Seattle and designs and manufactures aftermarket aerospace components, including Parts Manufacturer Approval (PMA) parts and repair solutions. The company serves commercial, regional and cargo airline operators, as well as maintenance, repair and overhaul providers.
“We look forward to joining TransDigm and believe this transaction further positions our companies well for long-term success,” Victor Sierra CEO Scott Still said. “TransDigm’s deep aerospace expertise, operating philosophy and focus on highly specialized, engineered products make it an ideal home for our businesses.”
Nic Janneck, a partner at Vance Street, said both companies’ time with Vance Street were fruitful.
“It has been a privilege to partner with Jet Parts and Victor Sierra,” Janneck said. “Both organizations exist because of founders who built exceptional businesses, and that founder mindset has driven everything we’ve been successful in accomplishing together over the last 8 years.”
