Precision Aviation Group Inc. has acquired Velocity Aerospace Group, a provider of aviation maintenance, repair and overhaul services.
Financial terms of the deal between Precision in Atlanta and Velocity in Frisco, Texas were not disclosed.
Velocity has repair stations in Burbank, Van Nuys and Fort Lauderdale, Florida.
David Mast, chief executive of Precision, said that the transaction is a great fit for the company because it expands its avionics and DER (design engineering representative) repair portfolio, as well as allows it to start doing manufacturing.
“With the Burbank and Van Nuys facilities added to our existing operations in Long Beach and Camarillo, as well as the new facility in Fort Lauderdale, we now have ‘Next Generation Avionics MRO Centers of Excellence’ in Southern California and South Florida that allows us to better serve our customers,” Mast said in a statement. “These locations employ 140 personnel, perform over 25,000 annual repairs, and operate out of over 110,000 square feet of MRO facilities.”
Dan McDonald, vice president and general manager of Velocity said that it was an exciting time for the company to join Precision as it continues to execute its strategic growth plans, which include investments in Velocity’s product and service offerings and new repair capabilities.
“We have worked closely with Precision’s management team throughout the acquisition process and believe this partnership will provide significant benefits to our customers, vendors, and employees.” McDonald said in a statement.