Resilience Capital Partners, a private equity firm focused on investing in lower mid-market companies, has acquired a majority interest in Aerospace Products International (API), an aviation parts and equipment distribution and supply chain management firm, from First Aviation Services.
"Aerospace Products International is well-positioned to take advantage of the industry’s trend toward the outsourcing of after-market product distribution and other critical functions. We will make a significant investment of capital to execute on our strategy of enhancing API’s capabilities and competitiveness and build it into a truly great international company," says Steven H Rosen, co-chief executive of Resilience.
The acquisition of a majority interest in API is the sixth platform investment in The Resilience Fund III. In 2012, Resilience closed the Resilience Fund III with USD222.5m of committed capital.
API distributes aircraft parts and accessories to manufacturers, maintenance providers and operators of widely used military, commercial, corporate and general aviation aircraft. API focuses on increasing product availability, minimising time-to-delivery and reducing process and working capital costs for its customers. It also supplies key business data and metrics to help customers control costs and manage their operations more efficiently. Based in Memphis, Tennessee, API operates through distribution centres and partnerships on every continent.
Kenneth C. Ricci, a longtime aviation entrepreneur and chairman of Flight Options, and Ulf Buergel, both operating partners with Resilience, will oversee the investment in API, working closely with the firm’s management team.
"Aviation services is a complex and capital-intensive industry, but it is one that we know well from our other investments," says Buergel. "We have the experience, management expertise and capital resources to help Aerospace Products International build upon its strong foundation and benefit from the growing aviation market."
Andrew Trosper will continue to serve as API’s president and chief executive officer. He took on those roles in June 2012 after serving as API’s senior vice president. Trosper joined API in 2010 after a 22-year career at Honeywell Aerospace.
