AvAir, a global company in aviation aftermarket inventory solutions, closed $170 million in new revolving credit facilities with a group of six financial institutions: HSBC Bank USA, Crédit Agricole Corporate and Investment Bank, First Citizens Bank, Western Alliance Bank, Flagstar Bank and Sunflower Bank.
The expanded revolving capacity provides AvAir with additional financial flexibility to execute its aggressive growth plan, including strategic inventory acquisitions, investments in new capabilities and continued expansion of the company’s global aftermarket platform.
“Closing this financing with six institutions of this caliber says a great deal about the strength of our business and the opportunity ahead of us,” Bob Knox, chief financial officer of AvAir, said. “Each of these banks took the time to understand our industry. This partnership gives AvAir the flexibility to move quickly on strategic opportunities while continuing to deliver exceptional service and value to our customers around the world.”
The financing follows AvAir’s recent acquisition of Full Stop Technics, a Milwaukee-based FAA- and EASA-certified wheel and brake repair provider. The acquisition added certified maintenance, repair and overhaul capabilities to AvAir’s aftermarket platform and created a captive service provider for the company’s growing wheel and brake exchange program. Full Stop Technics continues to operate under its existing brand from its Milwaukee facility.
“This financing represents another important step in AvAir’s continued evolution and positions us to pursue our growth strategy with confidence,” Mike Bianco, CEO of AvAir, said. “We have built AvAir by acting decisively, investing in inventory and capabilities, and finding creative solutions for our customers. Together with our acquisition of Full Stop Technics, the support of these banks strengthens our ability to expand our platform, pursue new opportunities and provide even greater support to customers across the global aviation aftermarket.”
AvAir will use the facilities to support general corporate purposes, working capital requirements, inventory investments, strategic acquisitions and other growth initiatives.
