Basalt Infrastructure Partners LLC and Wincove Private Holdings, L.P announced on Sept. 7 that funds advised by Basalt have acquired Fortbrand Services LLC from a fund managed by Wincove and other investors.
Fortbrand is an essential service, transport infrastructure leasing business focused on ground support equipment (GSE) and airport maintenance equipment (AME). The company currently services ground handlers, passenger airlines, airports, cargo companies, FBOs and other end-users. Fortbrand has over 1,200 pieces of equipment on its balance sheet for rent or lease that are vital for aviation infrastructure and operations.
“Fortbrand is a leading provider of mission critical equipment for the air transportation industry and is well positioned in a market with emerging trends toward electrification and decarbonization.” commented Wil Jones, partner at Basalt. “We are excited to work alongside the management team at Fortbrand to support the company in its next stage of growth.”
“This transaction supports our long-term plan to enhance our asset base and accelerate growth,” stated Jared Verano, president of Fortbrand. “We look forward to working with Basalt to continue delivering great customer service to our clients.”
“The Ttansaction marks the successful conclusion of our partnership with Sal Calvino to build Fortbrand into the leading GSE and AME lessor in the United States,” stated John Lenahan, partner at Wincove. “We take pride in the results we achieved together with Sal and Jared, and hold confidence in their continued growth and success under the new partnership with Basalt.”
Moelis & Company LLC served as the exclusive financial advisor and Foley & Lardner LLP served as legal advisor to Basalt.
Raymond James & Associates, Inc. served as the exclusive financial advisor and Husch Blackwell LLP served as the legal advisor to the sellers, led by Wincove.