First Aviation Sells Controlling Interest of API

 - March 27, 2013, 1:10 PM

First Aviation Services will sell its majority interest in Aerospace Products International (API) to Cleveland-based private equity firm Resilience Capital Partners. API is a global aviation parts and equipment distributor that also provides supply chain management services to the aviation industry. Resilience, which manages funds with more than $320 million in assets, says it will inject significant capital to make API more competitive and dynamic.

“This agreement will raise API’s competitive standing in the industry while enabling First Aviation to focus on our core businesses,” said Aaron Hollander, First Aviation’s chairman and CEO.

Kenn Ricci and Ulf Beurgel, both operating partners with Resilience, will oversee the investment on behalf of Resilience. API’s president and CEO, Andrew Trosper, will continue in his role after the transaction is complete.

API does not anticipate any changes in operations related to the transaction.

According to a spokesman for First Aviation, it will retain a minority equity interest in API and continues to own 100 percent of its subsidiaries: Aerospace Turbine Rotables and Piedmont Propulsion Systems.