Blackstone Credit & Insurance provided over $1 billion in new financings to support the recapitalization of and Jet Support Services (JSSI), an independent provider of hourly cost maintenance programs for business aircraft engines, auxiliary power units and airframes.
Funds managed by Blackstone have now provided over $1.8 billion of debt financing and an investment in the common equity in a series of financings for JSSI, a portfolio company of leading private equity firms GTCR and Genstar Capital.
JSSI will use these financings to strengthen its capital structure, enhance its operational capabilities and continue its growth trajectory in the business aviation sector. Blackstone has been a long-time investor in JSSI since 2015.
“JSSI has consistently demonstrated its leadership in the aviation maintenance and technology sector, and we are proud to continue our capital support for them and to partner in the equity with premier sponsors like GTCR and Genstar,” Brad Colman, senior managing director at Blackstone, said. “These financings not only underscore our longstanding investment in JSSI but also highlight how Blackstone can grow with world-class companies as they mature. Our position as a scaled capital provider allows us to deliver tailored solutions for both sponsors and corporates.”
“We have enjoyed a great partnership with Blackstone for close to 10 years. We’re excited about the opportunities this latest transaction presents,” Neil Book, president and CEO of JSSI, said. “These financings will enable us to further enhance our capabilities, accelerate growth, and deliver even greater value to our customers.”
