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Gen Cap America exits ASE

Gen Cap America (Gen Cap), a private equity firm focused on lower middle market buyouts, has sold Aero Systems Engineering (ASE) to Calspan Technology Holding Corporation (Calspan) headquartered in Buffalo, New York. Terms of the transaction have not been disclosed.Based in St Paul, Minnesota, ASE is a leading provider of design and build engine test and wind tunnel facility solutions as well as lab testing services for jet engines and airframes for a global customer base of OEMs, MROs, militaries, government agencies, universities and research organisations. They offer a portfolio of highly complex, mission critical testing solutions to the global aerospace industry across all stages of the airframe and turbine engine lifecycle including the construction of new engine test cells and upgrades of legacy test cells, wind tunnel design and construction, lab testing services, and aftermarket support services.

“We have thoroughly enjoyed supporting the ASE team in growing the business since our investment in 2014,” says Matt Lane, Managing Director at Gen Cap America. “This has been an excellent investment for Gen Cap and that is mostly due to the great team that we backed there. And while the current environment has brought uncertainty into the aviation industry, thanks to the ASE team we are confident that ASE will continue to thrive going forward.”
“ASE remains the world’s number one supplier of ground-based testing solutions and expertise for the aerospace industry,” says David Meier, CEO of ASE. He continued, “Our partnership with Gen Cap helped us achieve this status, and I look forward to continuing with our track record of success with Calspan.”
Barney Byrd, President of Gen Cap America, says: “ASE has been an excellent example of our firm’s long history of teaming with existing management in lower middle market companies.”

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