DENVER, Dec. 28, 2020 /PRNewswire/ -- Platte River Equity ("Platte River") is pleased to announce the sale of CTS Engines and CTS Testing ("CTS" or the "Company') to an investment affiliate of J.F. Lehman & Company ("JFLCO"). CTS is a leader in maintenance, repair, overhaul (MRO) and testing services to owners and operators of commercial jet engines worldwide.
"It has been a pleasure working with Vesa Paukkeri, his management team and the talented employees at CTS for the past four and a half years," commented Platte River Managing Director Greg Sissel. "We have enjoyed supporting the CTS organization through this period of tremendous growth and wish Vesa and his team all the best for continued success in their new partnership with JFLCO."
CTS CEO Vesa Paukkeri said, "Platte River has been an invaluable partner for CTS, having supported our business strategically, financially and operationally to help us drive the Company's long-term growth. We thank the Platte River team for its support and partnership over the years and look forward to our next chapter of growth with JFLCO."
Platte River Principal Eric Crawford said, "During our partnership, CTS achieved remarkable growth and made significant investments to enhance the Company's organization, strategy and operations. We are looking forward to watching CTS' continued success under management's new partnership with JFLCO as they take the Company into its next stage of growth."
William Blair served as lead financial advisor to CTS and Platte River, and Lincoln International served as co-advisor. Bartlit Beck served as legal counsel to Platte River.
About Platte River Equity Founded in 2006 and based in Denver, CO, Platte River Equity is a private equity firm focused on investments in established lower middle market operating companies with enterprise values of up to $250 million. The firm invests in target sectors where it has substantial operating and investing experience, including aerospace and transportation; industrial products and services; energy products and services; and agriculture and chemicals.
Platte River utilizes conservative capital structures in order to invest in future growth opportunities and withstand changing economic environments. The firm also provides significant on-going support to its portfolio companies through dedicated resources across functional areas.
The firm has raised funds with committed capital in excess of $1.3 billion and is currently investing out of its $625 million fourth fund. Platte River's employees are the largest collective investor across its funds, deeply aligning the firm with its investors and portfolio company management teams.
About CTS Engines Headquartered in Fort Lauderdale, FL, CTS is a leader in maintenance, repair, overhaul (MRO) and testing services to owners and operators of commercial jet engines worldwide. The company specializes in the overhaul of General Electric CF6-80C2, CF6-80A and CF6-50 engines, as well as Pratt & Whitney PW2000 engines. In its Ft. Lauderdale, FL, engine service center, CTS utilizes a complete set of in-house machinery and tooling to provide its customers with full-service MRO support. In its facility located in Jupiter, FL, CTS is the industry leader in independent high-thrust commercial engine testing.
Contact: Brian P. Klaban Director of Business Development & Debt Capital Markets Phone #: +1 303 292 7317 Email: [email protected]