Soundair AMG Press Release
FOR IMMEDIATE RELEASE JETPOWER, INC. ACQUIRES SOUNDAIR AFTER MARKET GROUP
La Grange, Illinois, February 16, 2010 - Jetpower announced today that it has acquired the Soundair Aftermarket Group from Soundair, Inc. Going forward, the Soundair Aftermarket Group will be doing business as Soundair AMG.
Founded 25 years ago and located in Snohomish, Washington, the Soundair Aftermarket Group has specialized in the distribution of aircraft rotables, avionics and instruments, hydraulics, pneumatics, landing gear components, flight control surfaces, and interiors.
With this acquisition, Jetpower broadens its product and service offerings in the multi-billion dollar international after-market for aircraft spares. Soundair AMG will remain in the Seattle area and has been relocated to Everett, Washington directly across from the Boeing aircraft assembly facility.
“We are honored to have been afforded the opportunity to acquire the After Market Group of Soundair, a business with a 25-year reputation for providing high quality distribution services to the aviation industry” commented Bob McCabe, President and Chief Executive Officer of Jetpower. Mark Stiegal, Chief Financial Officer of Jetpower noted “this acquisition is of great strategic importance to Jetpower, as it allows us to expand our distribution services to now include aircraft components.” Michael Brown, President of Soundair AMG, commented “We are very excited to join the Jetpower family of companies as our synergies will provide additional products and services to current customers.”
Greg Harwood, President of Soundair’s Repair, Design and Development Group commented “this transaction enables Soundair to increase and expand our focus on growing our core 15-year old business of providing repair and overhaul services to airlines. With this enhanced focus, we will dedicate all of our resources to expanding our repair and overhaul product lines, developing new PMAs and STCs, and providing additional engineering solutions to our airline customers.”
Alderman & Company Capital, LLC acted as exclusive financial advisor to Soundair and arranged this transaction. Financial terms of the transaction were not disclosed.
About JETPOWER
Privately owned Jetpower, Inc. specializes in the international procurement and sales of aircraft engines, engine parts and aircraft parts. Jetpower offers airlines, overhaul shops, and leasing companies worldwide an alternative means of sourcing inventory, while at the same time helping to reduce customers’ inventory levels. Information about JETPOWER can be found at www.jetpower.aero. Contacts: Jetpower Soundair Robert McCabe Greg Harwood 708-588-6302 360-453-2300