"Victory Park has been a great partner for us in every sense of the word. They are collaborative, creative and eager to help us find solutions. I would gladly recommend them to any company looking for a strategic capital provider to help grow their business."
– Al Goldstein, CEO
Avant Credit Corporation
Victory Park Capital today announced the sale of its portfolio company, Ascent Aviation Services Corp (“Ascent” or the “Company”), to LongueVue Capital Partners II, LP (“LVC”), a New Orleans-based private equity firm. The terms of the transaction were not disclosed.
“Their experience in building businesses and the support they provided through a hands-on investment approach helped guide us as we solidified our market presence.”
Headquartered in Tucson, Arizona, Ascent is a premier commercial aircraft maintenance, repair and overhaul service provider with a specialization in narrow body aircraft. Ascent performs heavy and line maintenance services, aircraft modification, transition and refurbishment work, aircraft storage and reclamation services, and consigned part sales.
VPC has held a stake in Ascent since December 2007, when it made a senior secured loan to its predecessor company. When the predecessor company filed for bankruptcy protection in January 2009, VPC provided a debtor-in-possession loan to finance the bankruptcy process, and subsequently purchased the assets in November 2009. VPC rebranded and repositioned the business, leading to a successful operational turnaround. The firm implemented significant critical changes, including the following:
“We are truly appreciative of the relationship established with the Ascent team over the last several years,” said Matthew Ray, partner and co-founder of VPC. “Together, we managed a repositioning that drove strong organic growth; made substantial operational improvements that enhanced the margin profile; and executed strategic initiatives to secure future prospects at the Tucson airport. As a result of this collective effort, we are confident that Ascent is well positioned for future success.”
“The VPC team added tremendous value in all aspects of our business since re-emerging as Ascent in 2009,” said Michael Melvin, President of Ascent. “Their experience in building businesses and the support they provided through a hands-on investment approach helped guide us as we solidified our market presence.”
Ascent, located at Tucson International Airport, has a footprint that consists of 23 acres of concrete ramp, over 34,000 sq ft feet of hangar space, and 88,000 sq ft of backshop and secured consignment space in an ideal desert climate. The FAA and EASA approved repair station specializes in B737 Classic, B737NG, MD80/90, B717, CRJ 100/200, B757 and A320 series aircraft. Ascent performs heavy and line maintenance services, aircraft modification, transition and refurbishment work, aircraft storage and reclamation services, and consigned part sales. Ascent’s objective is to become the premiere narrow body MRO in North America by providing indisputable value complemented by the highest quality professional service. For more information, visit ascentmro.com.
LongueVue Capital is a private equity company focused on making value-oriented equity and debt investments in lower middle market companies (up to $100 million of revenue) to support buy-outs, recapitalizations, acquisitions, and growth. Since its formation in 2001, LVC has made successful investments in a wide variety of industries, including manufacturing, business services, energy services, and third party logistics. LVC is based in New Orleans with additional offices in New York and Salt Lake City. For more information, please visit lvcpartners.com.