Terms of its deal were not disclosed.
AeroSpares President Tom Webb and his firm are innovators in the Federal Aviation Administration-approved aerospace aftermarket components business, said Jet Parts President Anu Goel. In addition, Goel said the deal strengthens his firm’s catalog of proprietary aftermarket parts for the commercial and cargo airline industries.
"Each of the parts Tom has designed imbeds technology that significantly improves the performance and reliability compared to the originally designed parts,” Goel said in a prepared statement, calling Webb and AeroSpares leaders in developing aftermarket pressure sensors and pressure switches for big commercial jets.
"Additionally, we look forward to having Tom work with our engineers to develop more PMAs in the pressure sensor and switch categories," Goel added.
AeroSpares was founded in 1993 to provide airlines with a customer support alternative to their original manufacturers — jet makers such as Boeing and Airbus or other major suppliers. PMA parts makers help passenger and cargo airlines reduce their aircraft and engine direct and indirect operating costs while still using FAA-approved replacement parts. Its Orlando office is at 11842 Fiore Drive, where it has eight employees and generates $660,544 in sales, according to Dun & Bradstreet.
It's the second deal of 2020 for Jet Parts Engineering, an aerospace portfolio company controlled by Goel and midmarket private equity firm Vance Street Capital of Los Angeles.
In January, it also acquired Aero Parts Mart of Fort Worth, Texas, a similar company that works to design and supply parts for the regional segment of the aviation business. The terms of that deal also were not disclosed.
Both deals were overseen by its majority owner Vance Street Capital, which acquired control of Jet Parts Engineering in 2018 and is working to grow the aircraft parts business alongside Goel.
Jet Parts Engineering was created in 1994. Before its latest deal, the company had 67 employees and $9 million in annual revenue, according to ZoomInfo. Another research firm pegged its annual revenue at $22 million. The company's offices are closed for the Christmas holidays.
Vedder Price LLP acted as legal adviser to Vance Street Capital on the deal, while West PLC served as legal advisor to AeroSpares, the companies said.
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