Vance Street lines up $2.2 billion aerospace aftermarket exit. Vance Street to exit Jet Parts Engineering and Victor Sierra in sale to publicly traded TransDigm. Jet Parts Engineering and Victor Sierra Aviation is an aerospace aftermarket parts designer and manufacturer that develops and sells Federal Aviation Administration-approved Parts Manufacturer Approval components with a focus on airframe, engine, and accessory components. Vance Street Capital has agreed to sell two portfolio companies, Jet Parts Engineering and Victor Sierra Aviation Holdings, to publicly traded TransDigm Group for approximately $2.2 billion in cash. Founded in 1994, Jet Parts Engineering is an aerospace aftermarket parts designer and manufacturer that develops and sells Federal Aviation Administration-approved Parts Manufacturer Approval components with a focus on airframe, engine, and accessory components. PMA parts are FAA-certified alternatives to original equipment manufacturer components used by aircraft operators to manage maintenance programs. The company also provides related maintenance and repair services. Customers include commercial, regional, and cargo airline operators, as well as maintenance, repair, and overhaul providers worldwide. Seattle-headquartered Jet Parts was founded in 1994 by Anu Goel, its chief executive. In addition to its Seattle engineering headquarters, the company maintains engineering and component repair locations in Texas, New York, Florida, Alabama, and the United Kingdom, and employs approximately 300 people. Victor Sierra Aviation, led by Scott Still, is a holding company for a portfolio of aerospace aftermarket brands focused on general and business aviation. Vance Street formed the company in October 2021 when it acquired McFarlane Aviation, a Kansas-based manufacturer of FAA-PMA replacement parts for general aviation aircraft, as the platform's initial investment. The platform expanded in 2022 with the acquisition of Airforms, a California-based maker of engine baffle systems, followed by Great Planes Fuel Metering, a California-based FAA-certified repair station focused on fuel injection systems. In 2023, Victor Sierra acquired Tempest Aero Group, a California-based producer of ignition and fuel system components, and PMA Products, a California-based supplier of FAA-PMA components. In 2024, the platform acquired Aviation Products Systems, a California-based manufacturer of wheels, brakes, and hose assemblies, and expanded again in 2025 with the acquisition of The Av8 Group, a Florida-based FAA-PMA manufacturer and repair station.Victor Sierra operates from facilities in Baldwin City, Kansas; Burlington, North Carolina; and Granite City, Illinois, with additional satellite locations in Illinois, Texas, Kentucky, and Washington. The business employs approximately 400 people and is led by Mr. Still. Jet Parts Engineering and Victor Sierra Aviation generated approximately $280 million in combined revenue in FY 2025. "It has been a privilege to partner with Jet Parts and Victor Sierra. Both organizations exist because of founders who built exceptional businesses, and that founder mindset has driven everything we've been successful in accomplishing together over the last 8 years," said Nic Janneck, a partner of Vance Street Capital. "We want to thank every member of the Jet Parts and Victor Sierra teams for their hard work and, more importantly, for putting their trust in us." Founded in Los Angeles, Vance Street Capital makes control investments in North American companies with enterprise values between $30 million and $350 million and EBITDA of $3 million to $30 million. The firm focuses on medical technology, life sciences, industrial technology, and aerospace and defense, and also maintains an office in Dallas. "Jet Parts and Victor Sierra were built on a foundational commitment to solving engineering problems for their customers," said Will Robinson and Nick Lindholm, vice presidents at Vance Street Capital, in a released statement. "Maintaining that focus has driven their exceptional growth, success, and reputation in the aftermarket." "We are excited to have an agreement to acquire Jet Parts Engineering and Victor Sierra, two well run, profitable businesses that will fit well within TransDigm," said Mike Lisman, TransDigm's chief executive. "The companies' highly engineered, proprietary OEM-alternative parts and services generate nearly 100% commercial aftermarket revenue. These businesses offer a unique value proposition to their airline, business, and general aviation end user customers as an alternative to OEM parts and are each growing nicely. As with all TransDigm acquisitions, we expect these acquisitions to create equity value in-line with our long-term private equity-like return objectives." Founded in 1993, TransDigm Group designs, produces, and supplies aircraft components used across commercial and military fleets worldwide. Its products include pumps and valves for fuel and hydraulic systems, motors and actuators for aircraft control, connectors and couplings for fluid and air lines, electrical power components, and specialized equipment and services for flight and engine testing. Today, the Cleveland, Ohio-headquartered company is comprised of 51 independent companies with 120 global manufacturing locations, 7,000 employees, and $7.9 billion in annual revenue. Harris Williams served as the financial advisor to Jet Parts Engineering, Victor Sierra Aviation, and Vance Street Capital.

TransDigm announces acquisition of Jet Parts Engineering and Victor Sierra Aviation Holdings. TransDigm Group Incorporated announced it has entered into a definitive agreement to acquire Jet Parts Engineering and Victor Sierra Aviation Holdings (collectively "the Companies"), portfolio companies of Vance Street Capital, for approximately $2.2 billion in cash, including certain tax benefits. Jet Parts, headquartered in Seattle, Washington, is a leading independent designer and manufacturer of aerospace aftermarket solutions, including proprietary OEM-alternative parts and repairs. JPE serves commercial, regional and cargo airline customers, as well as maintenance, repair and overhaul (MRO) providers. JPE's products are highly engineered, proprietary PMA components utilized across major commercial aerospace platforms. Victor Sierra, headquartered in Baldwin City, Kansas, is a leading designer, manufacturer, and distributor of proprietary PMA and other aftermarket parts serving the commercial aerospace end market - primarily the general and business aviation sectors. VSA is a leading collection of brands including McFarlane Aviation, Tempest Aero Group and their respective affiliated brands, as well as Aviation Products Systems. VSA offers a complete line of highly engineered PMA, custom design and OEM products, as well as service and repair stations. Vance Street's investments in Jet Parts and Victor Sierra align closely on business model and strategy. Vance Street partnered with the original founder of each business in 2018 and 2021, respectively, to build the foundation - people, processes and systems - needed to enable transformational growth. A significant focus was placed on broadening each company's complementary portfolio of IP, specialized parts and repair services by investing in engineering resources and human talent, facilities and technical capabilities. "It has been a privilege to partner with Jet Parts and Victor Sierra. Both organizations exist because of founders who built exceptional businesses, and that founder mindset has driven everything we've been successful in accomplishing together over the last 8 years," said Nic Janneck, Partner at Vance Street. "We want to thank every member of the Jet Parts and Victor Sierra teams for their hard work and, more importantly, for putting their trust in us." "Jet Parts and Victor Sierra were built on a foundational commitment to solving engineering problems for their customers," said Will Robinson and Nick Lindholm, Vice Presidents at Vance Street. "Maintaining that focus has driven their exceptional growth, success and reputation in the aftermarket." "We look forward to joining TransDigm and believe this transaction further positions our companies well for long-term success. TransDigm's deep aerospace expertise, operating philosophy and focus on highly specialized, engineered products make it an ideal home for our businesses," added Scott Still, CEO of Victor Sierra. Anu Goel, CEO and founder of Jet Parts, said, "Vance Street was fully aligned with our team on strategy and enabled us to significantly expand our footprint, breadth of products, brands and engineering capacity to keep our customers flying. Their strategic vision, support and resources have been integral to our development, all while maintaining the entrepreneurial culture that our employees have built over several decades." "We would like to thank Anu, Scott, and their teams for their hard work, dedication, and partnership," said Brian Martin and Mike Janish, Managing Partners at Vance Street. "Jet Parts' core philosophy, 'Our people are the best part,' is a fitting reflection of the talent and culture across both organizations." Harris Williams is acting as financial advisor and Paul Hastings is acting as primary legal advisor to Jet Parts, Victor Sierra and Vance Street. Baker Hostetler is acting as legal advisor to TransDigm.