Turning Rock Partners (TRP), a private investment firm, has announced the closing of a USD 15 million preferred equity investment in Next Level Aviation, the company said.
Next Level Aviation is an ASA-100 accredited and FAA Advisory Circular 00-56B compliant supplier stocking commercial aircraft/jet engine used serviceable material (USM) for all Boeing and Airbus aircraft platforms and associated jet engines. Next Level specifically focuses on stocking spare parts for the Boeing 737 and Airbus A320 families of aircraft and their associated jet engines, which currently make up about 70% of the global commercial fleet.
Founded in March 2013, Next Level Aviation employs 14 people and has grown into a global supplier of commercial aircraft/jet engine used serviceable material, generating approximately USD 30 million in annual revenues in 2019.
Turning Rock targets debt, equity and hybrid investments in underserved or capital constrained lower-middle market businesses in North America. TRP structures bespoke financing solutions for companies across the private market landscape. The firm currently manages approximately USD 400 million in investor assets in its first fund.
Turning Rock was advised by Greenberg Traurig, Alton Aviation Consultancy and MBAF. Next Level was advised Gunster and Templeton & Co.