Precision Aviation Group, Inc. Enters Into a Definitive Agreement to Acquire PTB Group

NEW YORK, Aug. 23, 2022 /PRNewswire/ -- GenNx360 Capital Partners ("GenNx360") announced today that its portfolio company, Atlanta-based Precision Aviation Group, Inc. ("PAG"), a leading provider of products and value-added services to the aerospace and defense industries, has entered into a definitive agreement to acquire PTB Group (PTB).  PTB is listed on the Australian Securities Exchange (ASX: PTB) and the transaction is currently scheduled to close in the 4th quarter of 2022, post receiving required shareholder and regulatory approvals.

PTB provides maintenance, repair, and overhaul services (MRO) on Pratt & Whitney PT6 and Honeywell TPE331 engines, leases engines and airframes, and provides aviation supply chain services. PTB is made up of the following entities: Pacific Turbine USA Group (a/k/a Prime Turbines) with locations in Texas, Arizona, Florida, and Pennsylvania, Pacific Turbine Brisbane and Pacific Turbine Leasing, both in Brisbane, Australia and International Air Parts located in Sydney, Australia.

Daphne Dufresne, the GenNx360 Managing Partner who leads the PAG investment said, "I am pleased to assist the PAG team on its continued positive growth trajectory. The PTB acquisition is highly strategic, and we are excited about the expansion of PAG's Engine Services Capabilities and increasing their market share in this vertical. This strategic expansion is a testament to PAG's management team and their strong execution."

"We are excited about adding PTB to the Precision Aviation Group of Companies.  The addition of PTB increases PAG's repair stations to 20 worldwide, expands our Engine Services Division with the addition of the PT6 and TPE331 engines, and significantly enlarges our Supply Chain Services business. Stephen Smith and his team, like PAG, are focused on exceptional customer service and exceeding customer expectations.  We look forward to this partnership," said David Mast, President and CEO of PAG.

Stephen Smith, PTB's Managing Director and CEO said, "We are pleased to be entering into this definitive agreement with PAG and believe they will be a good future owner of the Company. PAG is committed to continuing to expand our products and services and ensuring continued opportunities for our workforce of approximately 150 people. PAG has a shared vision with PTB, and I see an exciting future ahead."

"Our interest in PTB is a continuation of the PAG strategy to increase the company's repair portfolio through synergistic acquisitions and to better serve our customers. This investment would be the seventh PAG bolt-on executed under GenNx360's ownership", said Pratik Rajeevan, GenNx360 Principal on the transaction.

PAG is a leading provider of products and value-added services to the aerospace and defense industry worldwide. With 16 Repair Stations globally, and over 650,000-square-feet of sales and service facilities. PAG uses its distinct business units and customer-focused business model to serve aviation customers through two business functions – Aviation Supply Chain – and its trademarked Inventory Supported Maintenance, Repair and Overhaul (ISMRO®).  PAG provides MRO and Supply Chain Solutions for Fixed and Rotary-wing aircraft. PAG subsidiaries have MRO and manufacturing capabilities on over 150,000 products focused on 4 verticals – Avionics, Components, Engines and Sub-Assembly/DER/Manufacturing Services. (www.precisionaviationgroup.com). PAG is owned by global investment firm GenNx360 Capital Partners (www.gennx360.com).

PTB Group is an ASX listed aviation company which provides the following services globally:

• Maintenance, repair and overhaul services ("MRO") services for Pratt & Whitney PT6 and Honeywell TPE331 Engines
• Aircraft/Engine Leasing
• Aircraft and engine related supply chain services.

PTB Group employees over 150 personnel and has a diverse customer base throughout the world including Australia, North and South America, Asia and the Pacific Islands.  (www.pacifcturbine.com.au) and (www.primeturbines.com).

GenNx360 Capital Partners is a private equity firm focused on acquiring middle market business-to-business companies. GenNx360 invests in companies with proven and sustainable business models in expanding industries, with the objective of implementing value-enhancing operational improvements to accelerate growth, deliver efficiencies and generate strong financial returns. Target industries include aerospace & defense, business & industrial services, automation & industrial technology, packaging products, industrial machinery and components, equipment services, environmental services, and food ingredients/equipment/services. GenNx360 was founded in 2006 and is headquartered in New York City. www.gennx360.com

Carmen Rojas, Director of Investor Relations
GenNx360 Capital Partners
Email: [email protected]
Tel: 212.257.6772

SOURCE GenNx360 Capital Partners