VSE Corporation Completes Turbine Controls, Inc. Acquisition
24 Abril 2024 - 6:37AM
Business Wire
Acquisition Enhances OEM Authorized Repair
Capabilities Within the High-Growth MRO Aviation Market
VSE Corporation (“VSE” or the “Company”) (NASDAQ: VSEC), a
leading provider of aftermarket distribution and repair services,
announced today that the Company has closed its previously
announced acquisition of Turbine Controls, LLC (f/k/a Turbine
Controls, Inc.) (“TCI”), a leading provider of aftermarket support
services for the repair and overhaul of engine components and
engine and airframe accessories.
MANAGEMENT COMMENTARY
“We are very pleased to officially welcome the TCI team to the
VSE Aviation Family,” said John Cuomo, President and CEO of VSE
Corporation. “The acquisition presents an opportunity for our VSE
Aviation segment to accelerate its Maintenance, Repair, and
Overhaul (“MRO”) strategy, including expanding our repair
capability offerings and adding several new OEM relationships. In
addition, the acquisition strengthens our position in the
commercial engine MRO aftermarket while providing additional
opportunities for organic growth and market share gains.”
Mr. Cuomo continued, “The TCI team built a leading MRO business
focused on offering a unique one-stop-shop model across engine and
airframe components and accessories. TCI’s highly technical and
focused team, along with their expansive portfolio of repair
capabilities across both foundational and next-generation engine
platforms, is highly complementary to our VSE Aviation
business.”
“Over the past 45 years, TCI has proudly delivered best-in-class
service, and we have grown to become an industry leader in the MRO
aftermarket,” said Glen Greenberg, Founder and CEO of TCI. “We are
confident that the VSE Aviation family will carry on TCI’s legacy
and facilitate its next phase of growth. As we look to the future,
we will continue to strive for excellence and innovation, embracing
the customer-first approach that has shaped our legacy and
success.”
AGREEMENT TERMS
VSE acquired TCI for a total consideration of approximately $120
million, comprised of $110 million in cash and $10 million of
common shares of the Company, subject to working capital
adjustments.
ADVISORS
Jones Day served as legal counsel to VSE Corporation. RBC
Capital Markets, LLC served as exclusive financial advisor and
Greenberg Traurig, LLP served as legal counsel to Turbine Controls,
Inc.
ABOUT VSE CORPORATION
VSE is a leading provider of aftermarket distribution and repair
services. Operating through its two key segments, VSE significantly
enhances the productivity and longevity of its customers'
high-value, business-critical assets. The Aviation segment is a
leading provider of aftermarket parts distribution and maintenance,
repair, and overhaul (MRO) services for components and engine
accessories to commercial, business, and general aviation
operators. The Fleet segment specializes in part distribution,
engineering solutions, and supply chain management services catered
to the medium and heavy-duty fleet market. For more detailed
information, please visit VSE's website at www.vsecorp.com.
FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements,
including statements regarding expected benefits of the acquisition
of TCI. These forward-looking statements, which are included in
accordance with the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, may involve known and
unknown risks, uncertainties and other factors that may cause VSE’s
actual results to vary materially from those indicated or
anticipated by such statements. Many factors could cause actual
results and performance to be materially different from any future
results or performance, including, among others, our ability to
realize the expected benefits of the acquisition of TCI and the
risk factors described in our reports filed or expected to be filed
with the SEC. Any forward-looking statement or statement of belief
speaks only as of the date of this press release. We undertake no
obligation to update or revise forward-looking statements to
reflect changed assumptions, the occurrence of unanticipated events
or changes to future operating results.
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version on businesswire.com: https://www.businesswire.com/news/home/20240423042689/en/
INVESTOR RELATIONS CONTACT: Michael Perlman Vice
President of Investor Relations and Treasury Phone: (954) 547-0480
Email: investors@vsecorp.com
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