Jet Parts Engineering, a designer of original equipment manufacturer-alternative parts and repair services for the commercial aerospace industry and a portfolio company of Vance Street Capital, has acquired Northeast Aero Compressor, an aerospace parts repair business.
NEACO focuses on pneumatic, hydraulic and electro-mechanical parts in commercial and cargo aircraft. The deal aims to offer a suite of aftermarket services to JPE’s commercial, cargo, regional and military aircraft customers. JPE plans to invest in NEACO’s Bohemia, N.Y. facility to expand its technical resources and meet demands for aftermarket repairs.
“NEACO is a huge opportunity to add a highly complementary portfolio of component repairs to our existing parts manufacturer approval (PMA) and designated engineering representatives (DER) offerings,” says Anu Goel, CEO and founder of Jet Parts Engineering.
Vedder Price LLP acted as legal advisor to Vance Street Capital. Campolo, Middleton & McCormick LLP served as legal advisor to NEACO. Debt financing for the transaction was provided by Neuberger Berman.