Jet Support Services, Inc. (JSSI) has signed an agreement to be recapitalised by GTCR, a private equity firm. As part of the transaction, GTCR will acquire a majority stake in JSSI, while CEO Neil Book and his family will retain a significant minority stake in the business.
JSSI provides its clients with comprehensive, flexible and affordable tools for managing the often unpredictable costs of operating and maintaining nearly all types of turbine-powered aircraft, including jets, turbo-props and helicopters. The company supports approximately 2,000 aircraft and 4,300 assets worldwide.
GTCR will partner with Book and the current management team as they continue to expand the company's capabilities and market presence. The firm has a proven track record of successful investments in the aviation industry, including notable past portfolio companies Landmark Aviation, a leading FBO network, and CAMP Systems, a global provider of maintenance tracking software solutions for business aircraft. GTCR is also currently a significant investor in Gogo, a leading provider of broadband connectivity to the business aviation industry.
Book says: “We look forward to partnering with GTCR to take JSSI to the next level of excellence. GTCR's deep sector expertise and resourcefulness will be a tremendous asset as we embark on this growth journey.”
Craig Bondy, managing director at GTCR, adds: “We have built a relationship with Neil over many years investing in the industry and have been extremely impressed with the business he has built and the team's overall execution. We're excited to partner with Neil and the JSSI management team to help them expand on our shared vision of further growth and product innovation.”
GTCR MD Mark Anderson says JSSI has a strong reputation for its deep commitment to providing clients with the highest standard of service and customer maintenance support, and he is thrilled to collaborate on growth efforts.
The transaction is expected to close in the fourth quarter of 2020.