ICV Partners, LLC (ICV) has acquired Universal Turbine Parts, LLC (UTP), which specializes in selling refurbished turboprop engine components and engines, the company said.
Farol Asset Management, L.P. and funds and accounts advised by Neuberger Berman Private Equity invested alongside ICV in the transaction.
UTP is a distributor of aftermarket turboprop aircraft engines and engine parts. The company specializes in the PT6 and PW100 engine platforms manufactured by Pratt & Whitney Canada that powers more than 14,000 aircraft worldwide in commercial and military use.
ICV Partners is an investment firm focused on investing in lower middle market companies with USD25 million to USD250 million in revenue.