Killick Aerospace Completes $160 Million Financing
Killick Aerospace has completed a series of financing agreements totaling $160 million. Proceeds will be used to retire existing debt as well as fund continued growth at Killick companies Prime Turbines, CT Aerospace and Kansas Aviation. The increased capital will also enable Killick Aerospace to make acquisitions to complement existing product and service offerings.
“The $160 million financing will allow Killick Aerospace to respond to organic growth possibilities for Prime Turbines and strategic acquisition opportunities as they arise for us and our sister companies,” said Joe Kolo, vice president and general manager of Prime Turbines. “Prime Turbines is committed to leading the repair and overhaul market. This significant increase in the balance sheet of Killick Aerospace, our parent company, will help Prime Turbines acquire more inventory including whole engines and aircraft for our sister company.
“Prime Turbines offers custom engine-build specifications, and we keep our customers satisfied by providing a variety of options to control costs, unsurpassed turnaround time, superior on-wing performance and exceptional customer service, which ensure continued reliability and performance after the engine leaves the shop,” he added.
Prime Turbines is an FAA-approved overhaul facility specializing in the Pratt & Whitney Canada PT6A series. It operates facilities in Dallas; Hyannis, Mass.; and Pittsburgh, Pa. It provides PT6A engine services regional airlines, agricultural operators, aircraft sales and leasing companies, corporate flight departments, cargo services and FBOs.
“The completion of these [financial] transactions represents a milestone in the development of the Killick Aerospace Group of companies. It will also allow us to continue to invest in product development at our Prime and Kansas subsidiaries,” said Russell Starr, president and CEO of Killick Aerospace.
Dallas-based CT Aerospace purchases, overhauls (via third-party FAA-approved MRO facilities) and sells new and used aircraft engines as well as engine and aircraft parts to MRO facilities, leasing companies, aircraft operators and other engine parts distributors and dealers worldwide.
Kansas Aviation, located in Independence, specializes in the overhaul and repair of oil/air/fuel-related engine accessories on the PT6A, PT6T, PW100, PW300, JT15D, CJ610, CF700, Allison 250, CF34 and PW901 engines.