SAN DIEGO, March 30, 2015 /PRNewswire/ -- Avioserv, an established late-life aircraft engine parts management company based in San Diego, has recently been acquired by Aergen Leasing ("Aergen"). Avioserv specializes in the sale, lease and trading of engine parts, engine components and whole engines to airlines, repair facilities and parts distributors. The combined companies have raised an initial $200 million of committed equity capital from a group of financial and strategic investors led by Greenbriar Equity Group LLC, and plan to raise additional equity funding to support future growth.
Aergen will leverage the technical analysis and expertise of Avioserv as it builds and manages a fleet of mid-late stage narrowbody aircraft. "Avioserv is already an established partner to many leading airlines and MROs and will provide distinct capabilities to Aergen as we acquire and manage aircraft through their full life cycle," commented Bob Genise, CEO of Aergen.
As part of the acquisition, Aergen will invest meaningfully in Avioserv to expand its breadth of product expertise and offerings to third-party airlines and lessors. "Previously we had focused on late-life engines and engine parts. We're excited to have Aergen as our partner which creates opportunities to focus on both mid and end-of-life aircraft, thereby allowing us to provide airlines and lessors with comprehensive engine solutions for their fleets," commented Timothy Veit of Avioserv.
Lazard acted as sole financial adviser and Hughes Hubbard and Reed acted as lead legal counsel to Aergen and Avioserv.
Additional information about Avioserv is available at avioserv.com. Information about Aergen can be found at aergen.com.
