Turning Rock Partners (TRP), a private investment firm, exited its investment in Next Level Aviation (NLA) through the majority redemption of its preferred equity investment in the company.
Turning Rock’s investment in Next Level Aviation initially closed in Dec. 2019 and included capital for follow-on inventory purchases, geographic expansion and consignment deals. The closing of this realization marks Turning Rock’s 18th exited transaction since inception.
“Turning Rock understood the transportation market and underwrote the complexities of the used serviceable material (USM) business in the commercial aviation aftermarket supply chain,” Jack Gordon, chairman and CEO of the TRP investment, said. “Turning Rock added value in several ways including the appointment of key industry veterans who served on our board of directors, including Rajeev Bhalla and Ed Wegel. TRP also helped establish a more flexible ABL credit facility for us in 2020 at a time when the financing markets were effectively shut during COVID. Finally, they supported the expansion of our Florida warehouse footprint and the opening of an Irish subsidiary. We are grateful for their capital, their partnership and value-add along the way.”
“Through a trusted bank partner, we have been able to expand Next Level’s financing capacity for growth. In doing so, we were able to consummate a management led recapitalization,” Ray Fernandez-Andes, chief financial officer of Next Level Aviation, said.
“Near-term growth opportunities for NLA include stocking of core engine, airframe structures and landing gear material, as well as the expansion of our footprint in Europe, Asia and the Middle East in the coming years,” Gordon said.
“Our partnership with the company allowed it to continue the founders’ track record of success. We are thrilled to see what Next Level Aviation accomplishes in its next chapter,” Saba Ahmad, president of Turning Rock and NLA board member, said. “We would like to thank the founders for their commitment and also acknowledge TRP Senior Advisors Rajeev Bhalla and Ed Wegel for their board advocacy at Next Level.”
