GenNx360 Capital Partners (“GenNx360”) announced that its portfolio company, Atlanta-based Precision Aviation Group, Inc. (“PAG”), a leading provider of products and value-added services to the aerospace and defense industries, has entered into a definitive agreement to acquire PTB Group (PTB). PTB is listed on the Australian Securities Exchange (ASX: PTB) and the transaction is currently scheduled to close in the 4th quarter of 2022, post receiving required shareholder and regulatory approvals.
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PTB provides maintenance, repair, and overhaul services (MRO) on Pratt & Whitney PT6 and Honeywell TPE331 engines, leases engines and airframes, and provides aviation supply chain services. PTB is made up of the following entities: Pacific Turbine USA Group (a/k/a Prime Turbines) with locations in Texas, Arizona, Florida, and Pennsylvania, Pacific Turbine Brisbane and Pacific Turbine Leasing, both in Brisbane, Australia and International Air Parts located in Sydney, Australia.
Daphne Dufresne, the GenNx360 Managing Partner who leads the PAG investment said, “I am pleased to assist the PAG team on its continued positive growth trajectory. The PTB acquisition is highly strategic, and we are excited about the expansion of PAG’s Engine Services Capabilities and increasing their market share in this vertical. This strategic expansion is a testament to PAG’s management team and their strong execution.”
“We are excited about adding PTB to the Precision Aviation Group of Companies. The addition of PTB increases PAG’s repair stations to 20 worldwide, expands our Engine Services Division with the addition of the PT6 and TPE331 engines, and significantly enlarges our Supply Chain Services business. Stephen Smith and his team, like PAG, are focused on exceptional customer service and exceeding customer expectations. We look forward to this partnership,” said David Mast, President and CEO of PAG.
Stephen Smith, PTB’s Managing Director and CEO said, “We are pleased to be entering into this definitive agreement with PAG and believe they will be a good future owner of the Company. PAG is committed to continuing to expand our products and services and ensuring continued opportunities for our workforce of approximately 150 people. PAG has a shared vision with PTB, and I see an exciting future ahead.”
“Our interest in PTB is a continuation of the PAG strategy to increase the company’s repair portfolio through synergistic acquisitions and to better serve our customers. This investment would be the seventh PAG bolt-on executed under GenNx360’s ownership”, said Pratik Rajeevan, GenNx360 Principal on the transaction.