Daily News: May 5, 2014

TCF Capital Provides ABL to Support Iron Range Acquisition

TCF Capital Funding announced it provided a $15.5 million secured financing to support the acquisition of Aircraft Propeller Services by Iron Range Capital Partners.

“We are excited to support Iron Range’s investment in APS,” said TCF Capital Funding vice president Dan Delgadillo. “APS has exhibited strong growth and a leading position within its niche market and is well-positioned to continue to expand.”

“We are very excited to partner with APS CEO, Mark Grant, and the APS team,” said Gary Stark, managing partner of Iron Range Capital Partners. “We see great potential in the aviation MRO space and look forward to helping APS capitalize on this significant market opportunity by leveraging APS’s core strengths and providing the Company resources to execute a profitable growth strategy.”

Wheeling, IL-based APS provides aircraft propeller system MRO (maintenance, repair & overhaul) services to the regional, commercial, freight, military and general aviation markets.