Atlanta, Georgia-based Precision Aviation Group (PAG) has entered into a definitive agreement to acquire PTB Group (PTB).
PTB provides MRO on Pratt & Whitney PT6 and Honeywell TPE331 engines, leases engines and airframes, and provides aviation supply chain services. PTB is made up of several entities: Pacific Turbine USA Group (aka 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. The agreement is subject to shareholder approval and is currently scheduled to close in the fourth quarter of 2022.
"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," says PAG president and CEO David Mast.
"We are pleased to be entering into this binding transaction with PAG," adds managing director and CEO Stephen Smith. "We believe it will be a good future owner of the company that will be committed to continuing to expand our products and services and to ensuring continued opportunities for our workforce of approximately 150 people. PAG has a shared vision with PTB, and I see an exciting future ahead."