Radnor, PA - June 27, 2013 - NewSpring Capital, a family of private equity funds providing growth and expansion capital, announced today that NewSpring Mezzanine, the dedicated mezzanine fund of NewSpring Capital, led a $7.5 million investment in Aviation Technical Services ("ATS"), one of the largest and most tenured provider of maintenance, repair and overhaul (MRO) services in the U.S. NewSpring invested alongside the current senior leadership team of ATS as well as a group of experienced aerospace investors. The Company will be led by current President and CEO, Matt Yerbic.
ATS began providing MRO services more than 40 years ago in a single hangar space in Renton, Washington. Now with six facility locations, ATS is the second-largest Washington State based aerospace company and already a significant employer of aerospace professionals. Under new ownership, ATS has the platform from which to grow and diversify throughout the region and across the United States. For further information please see www.atsmro.com
As part of the ownership change, ATS is governed by a diverse and experienced Board of Directors whose average tenure in the aerospace industry is nearly 20 years. Members of the Board and the Senior Leadership Team are all investors in the company. Together, they bring significant experience, a solid understanding of the business, its customers and a passion for growing a successful company.
"ATS is proud to take this important step to secure our future and ensure long-term stability for our customers, employees and company. We plan to grow, diversify our service and product offerings, create more jobs and to drive the growth of the aerospace industry in Washington State and beyond," said President and CEO Matt Yerbic.
Greg Barger, NewSpring Partner and new ATS Board member, adds, "ATS has been a respected leader in the MRO industry for more than 40 years. NewSpring Capital has significant experience helping businesses grow and be successful, and we are proud to partner with the ATS management team to guide its growth and expansion for the long-term."