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Barings Finance, Siemens Back J.F. Lehman’s Purchase of CTS Engine

December 29, 2020, 07:09 AM
Filed Under: Private Equity News

J.F. Lehman & Company ("JFLCO"), a leading middle-market private equity firm focused exclusively on the aerospace, defense, maritime, government and environmental sectors, is pleased to announce that an investment affiliate has acquired CTS Engines, LLC and CTS Testing, LLC.

Headquartered in Ft. Lauderdale, FL, CTS is a leading independent provider of maintenance, repair and overhaul ("MRO") services for mature aircraft engines worldwide. The Company's core services include end-to-end engine overhauls, component repairs, and return-to-service testing for engine owners and operators primarily in the air cargo and military end markets. The Company's MRO services require complex logistical planning with customers and vendors to manage an approximately 13,000 piece-part repair and replacement process for each engine overhaul.

"CTS has built an excellent reputation as a leading independent aircraft engine MRO service provider and is a strong addition to JFLCO's portfolio of companies," said Steve Brooks, Partner with JFLCO. "CTS's high quality customer service, well-differentiated value proposition, and talented workforce reflect core characteristics we seek in our investments.  We look forward to partnering with Vesa Paukkeri and his team to continue to build CTS's strong position as a leading provider in its mature engine MRO market."

Vesa Paukkeri, CEO of CTS, commented, "J.F. Lehman & Company is an ideal partner for CTS. They bring a unique combination of sector and operational expertise, deep relationships in our target industries, and capital to accelerate our growth. We look forward to expanding CTS's position as a global leader in high quality jet engine maintenance with the support of JFL."

Debt financing for the transaction was provided by Barings Finance and Siemens Financial Services. Jones Day served as lead legal counsel for J.F. Lehman & Company. Baker Hostetler provided Government Contracts, Defense Security and International Trade advice to J.F. Lehman & Company.  William Blair served as lead financial advisor to CTS, and Lincoln International served as co-advisor.  Bartlit Beck provided legal counsel to CTS and the selling equityholders.

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