Victory Park Capital completes sale of Ascent Aviation Services

Dino D'Amore
By Dino D'Amore October 15, 2013 16:18

Victory Park Capital completes sale of Ascent Aviation Services

Victory Park Capital (VPC) has completed the sale of its portfolio company, Ascent Aviation Services Corp to LongueVue Capital Partners II, a New Orleans-based private equity firm. The terms of the transaction were not disclosed.

VPC has held a stake in Ascent since December 2007, when it made a senior secured loan to its predecessor company. When the predecessor company filed for bankruptcy protection in January 2009, VPC provided a debtor-in-possession loan to finance the bankruptcy process, and subsequently purchased the assets in November 2009. VPC rebranded and repositioned the business, leading to a successful operational turnaround. The firm implemented significant critical changes, including the following:

• Overhauled the management team with industry-leading executives;

• Enhanced systems and operational controls, establishing best-in-class practices;

• Shifted the business and customer mix, building a more attractive revenue base;

• Implemented numerous planning tools and quality metrics to drive increased customer satisfaction and margins; and

• Expanded into several new aircraft platforms, including the B757, CRJ 100/200 and A320 aircraft.

“We are truly appreciative of the relationship established with the Ascent team over the last several years,” said Matthew Ray, partner and co-founder of VPC. “Together, we managed a repositioning that drove strong organic growth; made substantial operational improvements that enhanced the margin profile; and executed strategic initiatives to secure future prospects at the Tucson airport. As a result of this collective effort, we are confident that Ascent is well positioned for future success.”

“The VPC team added tremendous value in all aspects of our business since re-emerging as Ascent in 2009,” said Michael Melvin, President of Ascent. “Their experience in building businesses and the support they provided through a hands-on investment approach helped guide us as we solidified our market presence.”

Dino D'Amore
By Dino D'Amore October 15, 2013 16:18
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