Los Angeles, CA (PRWEB) October 18, 2013
Victory Park Capital announced the sale of its portfolio company, Ascent Aviation Services Corp (“Ascent” or the “Company”), to LongueVue Capital Partners II, LP (“LVC”), a New Orleans-based private equity firm. Salem Partners, a Los Angeles-based investment bank and wealth management firm, advised VPC and Ascent on the transaction. The terms of the transaction were not disclosed.
Headquartered in Tucson, Arizona, Ascent is a premier commercial aircraft maintenance, repair and overhaul service provider with a specialization in narrow body aircraft. Ascent performs heavy and line maintenance services, aircraft modification, transition and refurbishment work, aircraft storage and reclamation services, and consigned part sales.
“We are truly appreciative of the relationship established with the Salem Partners team,” said Matthew Ray, partner and co-founder of VPC. “As a result of our collective effort, we were able to complete a transaction for our holdings in Ascent with LongueVue Capital Partners, a private equity company introduced by Salem Partners.”
About Ascent Aviation Services:
Ascent, located at Tucson International Airport, has a footprint that consists of 23 acres of concrete ramp, over 34,000 sq ft feet of hangar space, and 88,000 sq ft of backshop and secured consignment space in an ideal desert climate. The FAA and EASA approved repair station specializes in B737 Classic, B737NG, MD80/90, B717, CRJ 100/200, B757 and A320 series aircraft. Ascent performs heavy and line maintenance services, aircraft modification, transition and refurbishment work, aircraft storage and reclamation services, and consigned part sales. Ascent’s objective is to become the premiere narrow body MRO in North America by providing indisputable value complemented by the highest quality professional service. For more information, visit ascentmro.com.
About LongueVue Capital Partners:
LongueVue Capital is a private equity company focused on making value-oriented equity and debt investments in lower middle market companies (up to $100 million of revenue) to support buy-outs, recapitalizations, acquisitions, and growth. Since its formation in 2001, LVC has made successful investments in a wide variety of industries, including manufacturing, business services, energy services, and third party logistics. LVC is based in New Orleans with additional offices in New York and Salt Lake City. For more information, please visit lvcpartners.com.
About Salem Partners:
Salem Partners is an investment banking advisory services firm that provides tailored solutions to clients across several industries including the global aerospace, defense and government services sectors. Based in Los Angeles, CA, Salem provides advisory services ranging from capital raising to mergers and acquisitions throughout the complete lifecycle of a company. Salem Partners Wealth Management provides investment advisory and related services to wealthy individuals, families and foundations. Further information is available at http://www.salempartners.com