Alexandria, Virginia – VSE Corp. has closed on the previously announced acquisition of four business units from Killick Aerospace Group, consisting of Prime Turbines (including both U.S. and Germany-based operations), CT Aerospace, Kansas Aviation of Independence, and Air Parts & Supply Co. The companies specialize in maintenance, repair, and overhaul (MRO) services and parts supply for corporate and regional jet aircraft engines and engine accessories. The four business units have approximately 196 employees.
The acquisition of the Killick companies expands VSE’s supply chain management and MRO capabilities to commercial aviation markets, and gives another service offering to take to federal markets.
“We are pleased to add these four complementary aviation business units to our supply chain management and maintenance, repair and overhaul portfolio,” said VSE CEO and President, Maurice “Mo” Gauthier. “We plan to maintain each company’s respective brand as we integrate these companies under the umbrella of our recently formed subsidiary VSE Aviation Inc., led by Paul Goffredi as president. Paul has held several leadership positions in the aviation industry for nearly three decades and has been with Killick Aerospace for four years. We look forward to Paul’s contributions for growing our presence in those markets.”
The initial purchase price paid at the closing was approximately $189 million in cash. The increase of approximately $5 million from the previously announced initial purchase payable at closing was a result of an estimated increase in the net working capital of the acquired companies as of the closing date. The purchase agreement also includes additional, potential post-closing payments if certain earnings levels are met.
Established in 1959, VSE is a diversified sustainment and services company with experience in ship, vehicle, and aircraft sustainment, supply chain management, platform modernization, mission enhancement, program management, energy, IT, and consulting services.
Source: VSE Corp.