GenNx360’s Portfolio Company Precision Aviation Group, Inc. Continues Growth with Acquisition of Velocity Aerospace Group
Portfolio Company News - November 24, 2021
New York, New York November 24, 2021 - GenNx360 Capital Partners (“GenNx360”) is pleased to announce its portfolio company, Precision Aviation Group, Inc. (“PAG”), has acquired Velocity Aerospace Group (“Velocity”). The acquisition is the sixth for PAG since 2018 when GenNx360 took a controlling interest in the company.
Velocity is a leading provider of aviation maintenance, repair and overhaul (MRO) services, as well as manufacturing. Headquartered in Frisco, Texas, Velocity operates three FAA repair stations in Burbank and Van Nuys, California and Ft. Lauderdale, Florida.
“Velocity is a great fit for PAG, as the acquisition expands our avionics and DER repair portfolio, as well as providing manufacturing capabilities,” said David Mast, President & CEO of PAG. “Velocity has a long history of delivering exceptional customer service, industry leading products and cost-effective repair solutions. With the Burbank and Van Nuys facilities added to our existing operations in Long Beach and Camarillo, as well as the new facility in Ft. Lauderdale, we now have ‘Next Generation Avionics MRO Centers of Excellence’ in Southern California and South Florida that allows us to better serve our customers. These locations employ 140 personnel, perform over 25,000 annual repairs, and operate out of over 110,000 square feet of MRO facilities. I am excited about the collaboration of these facilities in terms of leveraging our avionics expertise, infrastructure, and our focus on next generation avionics repair solutions.”
Dan McDonald, Vice President and GM of Velocity, stated, “It’s a very exciting time to join PAG as they continue to execute their strategic growth plans which include significant investments in Velocity’s product and service offerings, process updates, and new repair capabilities. We have worked closely with PAG’s management throughout the acquisition process and believe this partnership will provide significant benefits to our customers, vendors, and employees.”
About Precision Aviation Group
Precision Aviation Group (PAG) is a leading provider of products and value-added services to the aerospace and defense industries worldwide. With 17 Repair Stations, and over 650,000-square-feet of sales and service facilities in the United States, Canada, Australia, Singapore, and Brazil – PAG uses its twenty-two distinct business units and customer-focused business model to serve aviation customers through two business functions – Aviation Supply Chain – and its trademarked Inventory Supported Maintenance, Repair and Overhaul (ISMRO®). PAG provides MRO and supply chain solutions for fixed and rotary-wing aircraft. PAG subsidiaries have MRO and manufacturing capabilities on over 150,000 products in four vertical categories – Avionics, Components, Engines and Manufacturing/Sub Assembly/DER. www.precisionaviationgroup.com
About GenNx360 Capital Partners
GenNx360 Capital Partners is a private equity firm focused on acquiring middle market business services and industrial companies. We invest in companies with proven and sustainable business models in expanding industries with the objective of implementing the required operating changes to deliver cost efficiencies, accelerate growth, and generate strong financial returns. GenNx360 was founded in 2006 and is headquartered in New York City. www.gennx360.com
For media inquiries, please contact:
GenNx360 Capital Partners
Carmen Rojas, Director of Investor Relations
Email: investorrelations@gennx360.com
Tel: +1 212.257.6772