ParkerGale Capital LP, through its portfolio company Aircraft Technical Publishers, has purchased aviation diagnostic service provider CaseBank Technologies Inc. ParkerGale closed a $240 million buyout fund in Nov. 2016 to invest in tech-enabled business services.
CaseBank Technologies is a software and service company that provides diagnostic and troubleshooting for complex equipment. The target, founded in 1998 and based in Ontario, Canada, serves the aerospace and defense, aviation, automotive, heavy equipment, transportation and high tech industries. As equipment performance deteriorates and machines break down, CaseBank Technologies’’ software delivers real-time diagnostic reports and improves the performance of product support personnel with best practices for field technicians. Some of the target’s clients include: Bombardier Inc., Hawker Beechcraft Acquisition Co. LLC., Gulfstream Intl. Group, Lockheed Martin Corp. (NYSE: LMT), and Pratt & Whitney Canada.
ATP is a San Francisco-based information management and service provider for manufacturers, owners and maintenance providers for the aviation industry. ParkerGale invested in ATP in Nov. 2015 before making this add-on acquisition. From compliance tracking and inventory management to fault detection and diagnostics, the buyer’s software helps businesses manage their maintenance process. ATP chief executive officer Charles Picasso believes the deal for CaseBank will “drive greater improvements in maintenance processes and equipment performance.” ATP partners with 54 manufacturers to help approximately 5,600 clients across 96 countries.
Though ParkerGale is a new private equity firm, the team has worked together for more than a decade before spinning off to launch the next generation of middle-market funds. The firm was formed in 2014 by the former technology investment team from Chicago Growth Partners, including founder Kristina Heinze and partners Dave Chandler, Devin Mathews, Jim Milbery, Ryan Milligan, chief financial officer Corey Dossett and office manager Sharon Janowski. The firm has also invested in other tech-enabled business service provider, waste monitor OnePlus Systems, before making an add-on deal in SmartBin.
Recent deals involving suppliers to aerospace and automobile industry include: Liberty Hall’s purchase of ZTM Inc. to integrate with its portfolio company Accurus Aerospace Corp.; Platte River Equity’s deal for airplane engine tester CTS Engines; Golden Gate Capital’s purchase of aircraft ground support equipment provider Tronair Parent Inc.; and AE Industrial purchasing Moeller Mfg. Co. LLC after closing its debut fund valued at $680 million.