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Victory Park Capital Completes Sale of Ascent Aviation Services

October 14, 2013, 07:52 AM
Filed Under: Industry News

Victory Park Capital, an asset-management firm focused on debt and equity investments in the lower middle market, announced the sale of its portfolio company, Ascent Aviation Services Corp (“Ascent” or the “Company”), to LongueVue Capital Partners II, LP (“LVC”), a New Orleans-based private equity firm. The terms of the transaction were not disclosed.

Headquartered in Tucson, AZ, Ascent is a premier commercial aircraft maintenance, repair and overhaul service provider with a specialization in narrow body aircraft. Ascent performs heavy and line maintenance services, aircraft modification, transition and refurbishment work, aircraft storage and reclamation services, and consigned part sales.

VPC has held a stake in Ascent since December 2007, when it made a senior secured loan to its predecessor company. When the predecessor company filed for bankruptcy protection in January 2009, VPC provided a debtor-in-possession loan to finance the bankruptcy process, and subsequently purchased the assets in November 2009. VPC rebranded and repositioned the business, leading to a successful operational turnaround. The firm implemented significant critical changes, including the following:

  • Overhauled the management team with industry-leading executives;
  • Enhanced systems and operational controls, establishing best-in-class practices;
  • Shifted the business and customer mix, building a more attractive revenue base;
  • Implemented numerous planning tools and quality metrics to drive increased customer satisfaction and margins; and
  • Expanded into several new aircraft platforms, including the B757, CRJ 100/200 and A320 aircraft.

"We are truly appreciative of the relationship established with the Ascent team over the last several years,” said Matthew Ray, partner and co-founder of VPC. “Together, we managed a repositioning that drove strong organic growth; made substantial operational improvements that enhanced the margin profile; and executed strategic initiatives to secure future prospects at the Tucson airport. As a result of this collective effort, we are confident that Ascent is well positioned for future success.”

“The VPC team added tremendous value in all aspects of our business since re-emerging as Ascent in 2009,” said Michael Melvin, President of Ascent. “Their experience in building businesses and the support they provided through a hands-on investment approach helped guide us as we solidified our market presence.”

Victory Park Capital is a privately held, registered investment advisor dedicated to alternative investing. As specialists in less efficient markets, VPC focuses on niche credit and private equity opportunities in both distressed and improving U.S.-based lower middle market companies.

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