FTAI Aviation and Unical Aviation has completed the acquisition of substantially all of the assets of iAero Thrust. The acquired assets and facilities are based in Miami and will be rebranded QuickTurn Engine Center.
Joe Adams, CEO of FTAI, said: “We are excited to partner with Unical and add QuickTurn to our portfolio of CFM56 engine maintenance products. QuickTurn complements our existing maintenance center The Module Factory with Lockheed Martin in Montreal where we build and supply high quality modules. QuickTurn enables us to deliver module exchanges directly to customers offering a new standard for speed and convenience.”
Sharon Green, CEO of Unical, said: “The timing is right for this partnership as market demand grows for light maintenance and module exchanges which are cheaper and faster alternatives to traditional engine overhauls. We are thrilled to collaborate with FTAI in creating a best-in-class service center that will leverage our extensive CFM aftermarket stock, making it a strong strategic fit for Unical.”
Tommy Mitchell, President of iAero Thrust, added: “We are excited to join the FTAI and Unical team, which will enable us to unlock growth opportunities for the business and offer additional capabilities to our customers.”
QuickTurn’s mission will be to deliver turnaround times for light shop visits by utilizing serviceable modules and used serviceable material. At full capacity, QuickTurn is expected to support 150 light shop visits and 300 engine tests per year and will also offer field maintenance services.
The QuickTurn transaction marks the second acquisition for Unical since being acquired by Platinum Equity last year. The transaction follows a months-long process during which the iAero Thrust explored strategic alternatives and evaluated sale opportunities with the advice and assistance of Jefferies. King & Spalding served as legal counsel to iAero Thrust and Morgan, Lewis & Bockius served as legal counsel to Unical.