Aviation aftermarket specialist AvAir has secured US$170 million in new revolving credit facilities from a group of six financial institutions to support its growth strategy.
The financing was provided by HSBC Bank USA, Crédit Agricole Corporate and Investment Bank, First Citizens Bank, Western Alliance Bank, Flagstar Bank and Sunflower Bank.
The additional borrowing capacity will give AvAir greater financial flexibility to pursue strategic inventory acquisitions, invest in new capabilities and expand its global aftermarket platform.
The financing follows AvAir’s recent acquisition of Full Stop Technics, a Milwaukee-based, FAA- and EASA-certified wheel and brake repair provider. The deal added maintenance, repair and overhaul capabilities to AvAir’s aftermarket platform and established an in-house service provider for its growing wheel and brake exchange programme.
Full Stop Technics will continue operating under its existing brand from its Milwaukee facility.
AvAir said the credit facilities would be used for general corporate purposes, working capital, inventory investments, strategic acquisitions and other growth initiatives.
