Sawtelle-based private equity firm Vance Street Capital announced the recapitalization of Jet Parts Engineering Inc. in Seattle. Terms of the deal were undisclosed.
Recapitalization is the restructuring of a company's debt and equity mixture and can be undertaken for a variety of reasons. Nick Janneck, vice president of Vance Capital declined to comment on specifics but said the private equity firm had been in conversation with Jet Parts for the last six months.
This is Vance Street’s fifth investment out of its second private equity fund, Janneck said, he declined to comment on the size of the fund but said Vance Capital focuses on partnering with aerospace, healthcare and industrial firms. The company makes investments in the middle market range with businesses valued between $30 million and $200 million, according to its website.
Jet Parts is a leading designer of aftermarket alternative parts and repair services for the commercial aerospace industry. Anu Goel, the president of the company, will continue in his current role.
“We are excited to partner with Vance Street as we look toward our next chapter of growth,” Goel said in a statement.
Manufacturing, retail and trade reporter Shwanika Narayan can be reached at firstname.lastname@example.org or 323-556-8351. Follow her on Twitter @shwanika.