First Aviation Closes Purchase of Kelly Aerospace Unit

 - December 9, 2009, 11:07 AM

In another sign that the aviation aftermarket is gaining strength, First Aviation Services on Monday closed its acquisition of Kelly Aerospace Turbine Rotables and the propeller overhaul business of Limco-Piedmont, a subsidiary of TAT Technologies. The Kelly deal was announced November 9, and the Kelly business will be operated under First Aviation’s new Aerospace Turbine Rotables subsidiary. The new subsidiary’s specialty is overhaul and repair of landing gear, brakes and hydraulic, pneumatic and electric components for general aviation, regional airline and military customers. The TAT propeller overhaul operation falls under another new subsidiary, Piedmont Propulsion Systems. First Aviation Services entered the aviation aftermarket in 1995 when it was formed by First Equity Group to buy National Airmotive from Triton Group; it sold National Airmotive to Rolls-Royce for $71 million in 1999. In 1997 First Aviation acquired assets of aircraft parts distributor Aerospace Products International. “The acquisitions of Kelly Aerospace’s Turbine Rotable business and Limco-Piedmont’s propeller overhaul division will significantly expand our repair and overhaul capabilities,” said Aaron Hollander, chairman and CEO of First Aviation.