NEW YORK and MIAMI, Jan. 04, 2023 -- FTAI Aviation Ltd. (NASDAQ: FTAI), Unical Aviation Inc. (“Unical”) and iAero Thrust LLC (“iAero Thrust”) today announced that FTAI and Unical have completed the acquisition of substantially all of the assets of iAero Thrust, the only hospital maintenance and testing facility in the Americas dedicated to the CFM56 engine. The acquired assets and facilities are based in Miami and will be rebranded QuickTurn Engine Center (“QuickTurn”).
QuickTurn’s mission will be to deliver industry leading 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.
“We are excited to partner with Unical and add QuickTurn to our portfolio of CFM56 engine maintenance products,” said Joe Adams, CEO of FTAI. “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.”
“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,” said Sharon Green, CEO of Unical. “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. We will continue pursuing opportunities to expand the services we provide our customers both organically and through additional strategic investments.”
“iAero Thrust has a long and proud history of delivering exceptional customer results and providing the highest levels of safety, quality, and reliable service across the aviation industry, added Tommy Mitchell, President of iAero Thrust. “We are excited to join the FTAI and Unicalteam, which will enable us to unlock growth opportunities for the business and offer additional capabilities to our customers.”
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 its financial advisor, Jefferies LLC. King & Spalding LLP served as legal counsel to iAero Thrust and Morgan, Lewis & Bockius LLP served as legal counsel to Unical.