Private equity firm GTCR will take a majority stake in Jet Support Services (JSSI) in what officials are calling a recapitalization of the provider of power-by-the-hour maintenance programs and technical support services to business aviation operators. Under the deal, financial terms of which weren’t disclosed, JSSI CEO Neil Book and family will retain a “significant” minority stake in the company. "I’m so pleased to announce our partnership with GTCR, a proven winner in the business aviation industry. Both organizations are hyper-focused on growth and innovation. I’m excited to see what we can achieve together.” The deal is expected to close in the current fourth quarter.
According to GTCR, it will partner with Book and JSSI’s management team on the expansion of the company’s capabilities and market presence. “We look forward to partnering with GTCR to take JSSI to the next level of excellence,” Book said. “GTCR's deep sector expertise and resourcefulness will be a tremendous asset as we embark on this growth journey."
GTCR’s past portfolio companies include FBO network Landmark Aviation and CAMP Systems. It also is currently an investor in aviation broadband connectivity provider Gogo.
“JSSI has a strong reputation for their deep commitment to providing clients with the highest standard of service and customer maintenance support, and we are thrilled to collaborate on their growth efforts,” said GTCR managing director Mark Anderson.