GB Merchant Partners Provides Term Loan to VAS Aero Services

Oct 27, 2010, 14:12 ET from Gordon Brothers Group

BOSTON, Oct. 27 /PRNewswire/ -- GB Merchant Partners, LLC, the investment management affiliate of Gordon Brothers Group, announced today that it has provided a term loan to VAS Aero Services, a leading global provider of aftermarket aviation component services and distribution. The Company sources, warehouses and markets aftermarket components across a broad range of aircraft and engine platforms and provides related services to airlines, leasing companies and MRO providers. The term loan is supported by inventory and accounts receivable.

Boca Raton, Florida-based VAS Aero Services, formerly a division of AB Volvo known as Volvo Aero Services, was acquired by an affiliate of H.I.G. Capital, LLC in early October 2010.

VAS Aero Services has developed several successful long-term partnerships with leading aviation companies such as The Boeing Company, General Electric and Embraer. With a legacy that spans over three decades, VAS is poised to expand its leadership position in aftermarket aviation components and services.

"We view aftermarket aviation component services as an attractive market and believe that now is an opportune time in the industry cycle to invest," stated Bret Wiener, Managing Director at H.I.G. "We appreciate the support of GB Merchant Partners, which helped us complete this strategic acquisition."

"The combination of VAS Aero Services' relationships, experienced management team and strong balance sheet positions them for future growth," commented Gary Prager, Managing Director at GB Merchant Partners. "It was a pleasure to work with H.I.G. to facilitate the completion of this acquisition."

About GB Merchant Partners

GB Merchant Partners, LLC, the investment management affiliate of Gordon Brothers Group, focuses on structured debt, secondary debt, and private equity investments. Debt investments include structured loans in the form of junior secured, "Tranche B" or enterprise value loans, ranging on average from $10 to $50 million, to middle-market companies in the distribution, wholesale, industrial, retail, consumer products and real estate sectors. Debt investments also include positions in the secondary debt markets. Private equity investments include majority and minority equity positions in middle-market retail and consumer products companies.

About VAS Aero Services

VAS Aero Services, headquartered in Boca Raton, FL is a leading provider and distributor of aftermarket aviation component services. 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.

SOURCE Gordon Brothers Group