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VSE Corporation Acquires Global Parts Group

VSE Corporation, a provider of aftermarket distribution and maintenance, repair, and overhaul (MRO) services for land, sea and air transportation assets for government and commercial markets, announced that it has acquired privately held Global Parts Group, Inc. (Global Parts) in an all-cash transaction valued at approximately $38 million.Global Parts is a fully integrated aftermarket distribution and MRO services provider supporting the global business and general aviation (Bandamp;GA) market. Global Parts' distribution business focuses on supporting airframe components, while its repair capabilities extend to hydraulics and pneumatics. Global Parts' experienced workforce operates from its distribution and MRO center in Augusta (Wichita), Kansas.By combining VSE Aviation's existing Bandamp;GA part distribution and engine component accessories MRO services with Global Parts' airframe-centric product distribution and MRO capabilities, business jet customers will have access to a more comprehensive on-demand repair and distribution solution unique to the market.This transaction provides VSE access to Global Parts' more than 3,000 small- and medium-sized business jet customers, representing more than 100 platforms. VSE Aviation expects to generate meaningful revenue opportunities as both new and existing business jet customers leverage the full breadth of combined repair and distribution capabilities.Given the fragmented nature of the Bandamp;GA services industry, this transaction further positions VSE as a well-capitalized market consolidator focused on achieving efficiencies of scale through both organic and inorganic growth."We are pleased to welcome the Global Parts team to the VSE family," stated John Cuomo, President and CEO of VSE Corporation. "This transaction represents an important strategic investment for our Aviation segment, which significantly expands product distribution offerings and repair capabilities across a diverse base of global business and general aviation customers. Global Parts' customer service-focused culture, long-term customer relationship, OEM supplier partnerships, consistent financial performance, and proven technical expertise are highly complementary to our existing business, providing the opportunity for both revenue and margin enhancement opportunities over a multi-year period.""We view the Bandamp;GA market as a significant long-term opportunity for our business," stated Ben Thomas, President of VSE Aviation. "By bringing together Global Parts with our recently announced Pratt andamp; Whitney Canada engine accessory distribution agreement and existing Bandamp;GA distribution and MRO offerings, we've laid a solid foundation to build a sustainable and profitable business of scale in this market. Business jet customers want a single end-to-end solution capable of providing them with replacement parts and MRO services on a 24/7 AOG basis. With the addition of Global Parts, VSE is well-equipped to meet the stringent, real-time demands of business jet owner-operators, positioning us to take share and drive growth into the ongoing aviation recovery."
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