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Victory Park Capital sells Ascent Aviation Services to LongueVue Capital
Victory Park Capital (VPC) had exited from Ascent Aviation Services Corp. The asset management company sold its portfolio firm to LongueVue Capital Partners for an undisclosed amount. VPC bought a stake in Ascent when it issued a senior secured loan to Ascent's predecessor firm. The predecessor company filed for bankruptcy at the start of 2009. VPC then gave the predecessor firm a debtor-in-possession loan so it could fund the bankruptcy process. VPC later purchased the firm in November 2009.
VPC then turned the business around successfully by appointing industry leaders into executive seats, establishing best-in-class practices and increasing customer satisfaction, among others. It also added the B757, CRH 100/200 and A320 aircrafts into its platforms.
Ascent is a commercial aircraft maintenance, repair and overhaul service operator. It provides aircraft modification, heavy and line maintenance services, aircraft storage and reclamation services and transition and refurbishment work, among others.
Ascent President Michael Melvin said, "The VPC team added tremendous value in all aspects of our business since re-emerging as Ascent in 2009. 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."
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