Marana and Ascent to Merge

MARANA, Ariz., Dec. 15, 2016 /PRNewswire/ -- Marana Aerospace Solutions ("MAS") and Ascent Aviation Services ("Ascent") announced today a definitive merger agreement to create one of the leading aircraft MRO for both wide body and narrow body aircraft in North America.  The combined company will provide maintenance, flight line, storage, and reclamation services out of two facilities that spans more than 1,250 acres and includes five hangars.

Located in Tucson International Airport, Ascent has long been recognized for their excellence in servicing narrow-bodied aircraft. MAS, with facilities located 35 miles from Ascent, is a Class 4 repair station, approved to service the largest commercial aircraft in the world.

The close proximity of the facilities and deep pool of high-quality technicians will optimize staffing capabilities and project planning which will result in an expanded service offering, increased productivity, quicker turnaround times and greater customer satisfaction.

David Querio, President and former President of Ascent from 2009 to 2013, said, "Combining Marana and Ascent means that customers can procure all of their maintenance, storage, and end-of-life services with one partner while utilizing a single customer representative, rather than requiring three or four different facilities.  Beyond the obvious cost synergies, there are exciting new growth opportunities for us.  The companies share similar values and approaches and we plan to leverage that to become the premier choice for our customers."

Matthew Ray, CEO and former Chairman and CEO of Ascent, added, "This combination is highly synergistic, creating a flexible business model that will maximize each company's human capital, technical capabilities and footprint while capturing immediate cost savings and driving significant value creation for both companies.  We are creating a new kind of industry leader." Ray co-founded Victory Park Capital, where he served as Senior Partner from 2007 to 2015.

In addition to Ray and Querio, leadership includes Jack Keating, Ascent's Chief Commercial Officer and General Manager, and Randy Buol, Marana's Vice President of Operations.

In addition to approval from the United States Federal Aviation Administration (FAA), the combined company will maintain approvals and certifications from regulatory authorities globally, including the European Aviation Safety Agency (EASA) and the aviation agencies of Bermuda (BDA/AMO), Brazil (ANAC), Canada (TCCA), Mexico (DGAC), and Nigeria (NCAA), among others.

About Marana Aerospace Solutions
Located in Arizona, Marana Aerospace Solutions ("MAS") is an internationally recognized leader in commercial aircraft maintenance, storage and reclamation services for a wide variety of commercial aerospace and leasing customers. MAS facilities include three maintenance hangars and a large maintenance flight line. MAS offerings focus on comprehensive full-life aircraft care for wide body aircraft, including heavy maintenance, overhaul, commercial storage, component repairs, paint, interior, detailing, and end of life options. As one of the world's largest commercial aviation resources, MAS's 1,200-acre facilities include a recently upgraded 6,850-foot runway suitable for both commercial and military aircraft. The maintenance center includes 460 acres of ramp and storage area that can accommodate up to 400 aircraft, as well as over 35,000 square feet of repair shops for avionics, accessories, composite structures, interior configuration, NDT testing and inspection.  Marana is a portfolio company of Monroe Capital, a Chicago-based asset manager with over $3.5 billion in assets under management.

About Ascent Aviation Services
Ascent Aviation Services ("Ascent") is a market leader in commercial aircraft maintenance, storage and reclamation facility, with two maintenance hangars and line maintenance focusing on narrow body aircraft. The company specializes in performing heavy maintenance services, aircraft modification, transition and refurbishment work, aircraft storage and reclamation services, and consigned part sales. Since 2002, Ascent's workforce has successfully completed more than 570 heavy maintenance visits for a wide range of aircraft platforms, including Airbus, Boeing and Bombardier jets. Ascent operates in a secure, 37-acre facility at Tucson International Airport with nearly 100,000 square feet of hangar space, 30 acres of concrete ramp area, and 88,000 square feet of shop and secured consignment space. 

Contact:
David T. Querio
President
(520) 682-4181
[email protected]

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SOURCE Marana Aerospace Solutions