MIAMI (August 4, 2010) -- Neff Capital Management LLC (NCM), an aviation-focused private equity firm based in Miami, announced today that it has acquired Complete Turbine Services, LLC (CTS), a leading provider of low-cost engine performance restoration services to airlines and operating lessors worldwide. The Ft. Lauderdale-based CTS is an FAA and EASA certificated repair station operating out of a 37,000 square foot facility at Ft. Lauderdale/Hollywood International Airport. Konrad J. Walter, CTS’s founder, will remain as the President of the newly acquired entity. Terms of the transaction were not disclosed.
With service capabilities that encompass nearly every major commercial jet engine currently in operation, CTS is uniquely positioned within the engine repair and overhaul industry. “Complete Turbine Services is the industry leader for low-cost engine performance restoration services across a broad range of engine types, and we are proud that we will be able to partner with such an innovative and solid team,” said Brian Neff, President of Neff Capital Management. “With its tremendous proprietary engineering capabilities and low-cost focus, CTS's service offering will increasingly become attractive to airlines and leasing companies as they continue to focus on rationalizing engine costs.”
“All of us at Complete Turbine Services are excited to partner with Neff Capital Management as we take the business to the next level. Neff Capital’s resources and commitment to growth, combined with our can-do culture and strong industry reputation, will propel Complete Turbine Services to even greater success in the coming years,” said Konrad J. Walter, President of CTS.
According to an October 2007 article from Florida Trend magazine, Florida offers a welcoming climate to firms specializing in the aviation and aerospace industry.
*Nearly 1,800 aviation and aerospace companies employing about 83,000 workers make up this industry cluster.
*Florida airports serve a combined 135 million airline passengers per year.
*One-fifth of the world’s flight training occurs in Florida.
*The state is home to the 3rd largest aircraft maintenance, repair, and overhaul (MRO) cluster in the U.S.
The company will be actively looking at expansion opportunities within the coming months. NCM was represented in the transaction by the Miami office of White & Case LLP, and CTS was represented by Carpenter & Berger, PL, of Ft. Lauderdale.
About Complete Turbine Services
Complete Turbine Services is an FAA and EASA certified engine repair station based in Ft. Lauderdale, Florida. Founded in 2003, CTS offers its customers on-wing and shop level repairs for numerous engine types, including the CF6, CF34, CFM56, RB211, PW4000, and V2500 series engines. For more information, please visit the company's Web site at www.completeturbine.com
About Neff Capital Management
Neff Capital Management is a Miami-based private equity firm focusing on control investments within the aviation industry. The firm was founded in January 2010 by Brian Neff, the former President of Southern Air Inc.
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CTS Engines is a recognized FAA Employer Gold Award winner and tier-one independent provider of engine MRO, engine field services, and engine leasing.
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