Next Level Aviation (NLA), a company in the global distribution of used serviceable materials for all Boeing and Airbus commercial aircraft and associated jet engine platforms, has agreed to redeem Turning Rock Partners’ (TRP) 2019 preferred equity investment. NLA made the first significant payment of the redemption agreement to TRP just prior to the end of 2024.
“We are extremely pleased to reach this redemption agreement with Turning Rock Partners and are greatly appreciative of their financial and operational support over the last five years, including during the most challenging operational environment in the history of commercial aviation due to the COVID-19 pandemic. We wish TRP the best with their portfolio investments going forward,” Jack Gordon, chairman and CEO of NLA, said. “We would also like to thank PNC Bank for providing the asset-based lending flexibility needed to support this management led recap. Once the recap is complete, 100% ownership of Next Level Aviation will revert to its founders. We will evaluate the equity needs of the business going forward before choosing a new preferred equity partner to assist us in taking the business to the next level.”
“Next Level Aviation has managed through the last five years with agility and tenacity, which is a testament to the dedication of its founders,” John Hamilton, chief operating officer of TRP, said. “TRP is thrilled to have contributed to the company’s success and we wish the company and its founders much success in their next chapter.”
