Los Angeles-based private equity firm Vance Street Capital LLC has announced the recapitalization of Jet Parts Engineering, Inc. (“JPE”), a designer of proprietary OEM-alternative parts and repair services for the commercial aerospace industry, the company said.
This is Vance Street´s fifth investment out of its second private equity fund. Terms of the transaction were not disclosed.
Founded in 1994 and headquartered in Seattle, Washington, JPE provides proprietary aftermarket replacement components, known as Parts Manufacturing Approval (“PMA”) and complementary proprietary component repair services, known as Designated Engineering Representative (“DER”) repairs. JPE´s PMA parts and DER repairs deliver significant cost savings to its commercial airline and MRO customers.
Vedder Price LLP acted as legal advisor to Vance Street Capital. Vance Street Capital partnered with limited partners MLC, Lexington Partners, Neuberger Berman, and Private Advisors, all of whom co-invested equity alongside Vance Street Capital in support of the transaction. Senior debt was provided by Neuberger Berman. Harris Williams & Co. and Perkins Coie LLP served as financial and legal advisors to Jet Parts.
Vance Street Capital LLC invests in middle-market businesses in the aerospace, defense, medical and industrial sectors.