H.I.G. Capital Announces Acquisition of VAS Aero Services
MIAMI – October 7, 2010 – H.I.G. Capital, LLC, a leading global private equity investment firm, today announced that an affiliate has acquired VAS Aero Services (“VAS” or the “Company”) from AB Volvo. Headquartered in Boca Raton, FL, VAS is a leading provider of aftermarket aviation component services and distribution.
The Company was formerly known as Volvo Aero Services. VAS Aero Services sources, warehouses, and markets aftermarketcomponents across a broad range of aircraft and engine platforms and provides related services to airlines, leasing companies, and MRO providers. VAS maintainsstate-of-the-art warehouses and a global sourcing and sales network. With over 30 years of experience, the Company has amassed a large portfolio of quality aviation assets and developed unparalleled sourcing and customer relationships including with industry leaders The Boeing Company, General Electric, and Embraer. In addition, VAS is a preferred supplier toleading airlines worldwide.
“We are very pleased by H.I.G.’s support of the business and will benefit from their commitment to growth,” said Claes Malmros, Chief Executive Officer of VAS. “We will continue to serve our customers with the highest quality services and support and will further expand our market leadership.”
Bret Wiener, a Managing Director at H.I.G., commented, “We view aftermarket aviation component services as an attractive market with strong underlying fundamentals and believe that now is an opportune time in the industry cycle to invest. VAS is the industry leader and we look forward to supporting the Company’s outstanding management team in the next phase of growth for the business. We are also excited to build on H.I.G.’s extensive experience investing in the aviation industry and solidify H.I.G.’s leading track record of completing corporate divestitures.”
About VAS Aero Services
VAS Aero Services, headquartered in Boca Raton, FL is a leading provider of aftermarket aviation component services and distribution. The Company offers services and distribution across a wide range of aircraft and engine platforms from strategically located facilities in Florida, Washington, Kansas and the United Kingdom. Sales and marketing operations are supported by a global network of offices covering key markets and customers across the Americas, Europe and Asia.
About H.I.G. Capital
H.I.G. Capital is a leading global private equity investment firm with more than $8.5 billion of equity capital under management. Based in Miami, and with offices in Atlanta, Boston, New York, and San Francisco in the U.S., as well as affiliate offices in London, Hamburg and Paris in Europe, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of profitable and well managed manufacturing or service businesses. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding in 1993, H.I.G. invested in and managed more than 200 companies worldwide. The firm’s current portfolio includes more than 50 companies with combined revenues in excess of $8 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.