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GTCR, CEO Neil Book Recapitalise Jet Support Services
Friday 20 November 2020

US-based private equity firm GTCR has signed a definitive agreement to recapitalize US-based aviation maintenance support and financial services provider Jet Support Services, Inc in partnership with CEO Neil Book, the firm said.

As part of the transaction, GTCR will acquire a majority stake in JSSI, while the Book family will retain a significant minority stake in the business.

The financial terms of the transaction were not disclosed.

Founded in 1989, and headquartered in Chicago, IL, JSSI is an independent provider of maintenance support and financial services to the business aviation industry.

The company offers hourly cost maintenance programs for business aircraft, engines, airframes and auxiliary power units.

The company supports approximately 2,000 aircraft and 4,300 assets worldwide.

GTCR will partner with CEO Neil Book and the current management team as they continue to expand the company's capabilities and market presence.

The firm has a track record of successful investments in the aviation industry, including notable past portfolio companies Landmark Aviation, a leading fixed base operator network, and CAMP Systems, a leading global provider of maintenance tracking software solutions for business aircraft.

GTCR is also currently a significant investor in Gogo, a provider of broadband connectivity to the business aviation industry.

The transaction is expected to close in 4Q20.

PricewaterhouseCoopers served as accounting advisor and Kirkland and Ellis LLP provided legal counsel to GTCR. RBC Capital Markets LLC served as financial advisor and Akerman LLP provided legal counsel to the company.
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Date Published: 20/11/2020

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