FTAI Aviation Ltd. (NASDAQ: FTAI), Unical Aviation Inc.
(“Unical”) and iAero Thrust LLC (“iAero Thrust”) today announced
that FTAI and Unical have completed the acquisition of
substantially all of the assets of iAero Thrust, the only hospital
maintenance and testing facility in the Americas dedicated to the
CFM56 engine. The acquired assets and facilities are based in Miami
and will be rebranded QuickTurn Engine Center (“QuickTurn”).
QuickTurn’s mission will be to deliver industry
leading turnaround times for light shop visits by utilizing
serviceable modules and used serviceable material. At full
capacity, QuickTurn is expected to support 150 light shop visits
and 300 engine tests per year and will also offer field maintenance
services.
“We are excited to partner with Unical and add
QuickTurn to our portfolio of CFM56 engine maintenance products,”
said Joe Adams, CEO of FTAI. “QuickTurn complements our existing
maintenance center The Module Factory with Lockheed Martin in
Montreal where we build and supply high quality modules. QuickTurn
enables us to deliver module exchanges directly to customers
offering a new standard for speed and convenience.”
“The timing is right for this partnership as
market demand grows for light maintenance and module exchanges
which are cheaper and faster alternatives to traditional engine
overhauls,” said Sharon Green, CEO of Unical. “We are thrilled to
collaborate with FTAI in creating a best-in-class service center
that will leverage our extensive CFM aftermarket stock, making it a
strong strategic fit for Unical. We will continue pursuing
opportunities to expand the services we provide our customers both
organically and through additional strategic investments.”
“iAero Thrust has a long and proud history of
delivering exceptional customer results and providing the highest
levels of safety, quality, and reliable service across the aviation
industry, added Tommy Mitchell, President of iAero Thrust. “We are
excited to join the FTAI and Unical team, which will enable us to
unlock growth opportunities for the business and offer additional
capabilities to our customers.”
The QuickTurn transaction marks the second
acquisition for Unical since being acquired by Platinum Equity last
year. The transaction follows a months-long process during which
the iAero Thrust explored strategic alternatives and evaluated sale
opportunities with the advice and assistance of its financial
advisor, Jefferies LLC. King & Spalding LLP served as legal
counsel to iAero Thrust and Morgan, Lewis & Bockius LLP served
as legal counsel to Unical.
About FTAI Aviation Ltd.
FTAI owns and maintains commercial jet engines
with a focus on CFM56 engines. FTAI’s propriety portfolio of
products, including The Module Factory and a JV to manufacture
engine PMA, enables it to provide cost savings and flexibility to
our airline, lessor, and MRO customer base. Additionally, FTAI owns
and leases jet aircraft which often facilitates the acquisition of
engines at attractive prices. FTAI invests in aviation assets and
aerospace products that generate strong and stable cash flows with
the potential for earnings growth and asset appreciation.
About Unical Aviation
Inc.
Unical Aviation is an aftermarket parts and
aviation solutions provider serving over 2,100 customers in 91
countries. Located at San Bernardino International Airport with two
hangars totaling 125,000 square feet, Unical MRO is an
FAA 145 Repair Station that provides parking, storage, maintenance,
disassembly, and demolition for commercial aircraft. Unical
145 is an FAA 145 Repair Station specializing in mechanical,
hydraulic accessories, aero structures, landing gear and composites
for Boeing, Airbus, McDonnell Douglas and Bombardier
platforms.
About iAero Thrust
iAero Thrust, originally founded in 1946, is
based in Miami, Florida and is the only integrated full-service
aviation engine MRO and test provider business in the Americas
dedicated to the CFM56 series engine. The company operated as
AeroThrust Holdings until it was acquired by iAero Group in 2018,
and it was subsequently rebranded as iAero Thrust in 2019.
Cautionary Note Regarding
Forward-Looking Statements
This communication contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, including but not limited to the anticipated
rebranding to QuickTurn, expectations regarding QuickTurn’s mission
and number of future shop visits and related turnaround times,
expectations regarding QuickTurn complementing FTAI existing
assets, and the ability to create a best-in-class service center.
Forward-looking statements are not statements of historical fact
but instead are based on our present beliefs and assumptions and on
information currently available to FTAI and Unical. You can
identify these forward-looking statements by the use of
forward-looking words such as “outlook,” “believes,” “expects,”
“potential,” “continues,” “may,” “will,” “should,” “could,”
“seeks,” “approximately,” “predicts,” “intends,” “plans,”
“estimates,” “anticipates,” “target,” “projects,” “contemplates” or
the negative version of those words or other comparable words. Any
forward-looking statements contained in this communication are
based upon our historical performance and on our current plans,
estimates and expectations in light of information currently
available to us. The inclusion of this forward-looking information
should not be regarded as a representation by us that the future
plans, estimates or expectations contemplated by us will be
achieved. Such forward-looking statements are subject to various
risks and uncertainties and assumptions relating to our operations,
financial results, financial condition, business, prospects, growth
strategy and liquidity. Accordingly, there are or will be important
factors that could cause our actual results to differ materially
from those indicated in these statements, including, but not
limited to, the risk factors set forth in Item 1A. “Risk Factors”
of FTAI’s Annual Report on Form 10-K for the fiscal year
ended December 31, 2021 and FTAI’s Quarterly Reports on Form
10-Q, as updated by annual, quarterly and other
reports FTAI files with the SEC.
For further information, please contact:
Alan AndreiniInvestor RelationsFTAI Aviation Ltd.(646)
734-9414aandreini@fortress.com
iAero Thrust+1 (305)
702-0410info@iAeroGroup.com
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