CHICAGO, IL, January 3, 2022 – To cap off a busy 2021, Prospect Partners (“Prospect”) is pleased to announce the successful exit of two portfolio companies to strategic acquirers.
In November, Prospect exited its interest in Velocity Aerospace Group (“Velocity”), of Frisco, TX, to a strategic acquirer with a leading presence in the aviation maintenance and repair market. Velocity, a leading provider of aerospace maintenance and repair services to commercial airlines, freight carriers and business jets, had been a Prospect portfolio company since 2013.
Velocity provided a broad range of test, repair, and overhaul services, including unique capabilities in avionic, electronic instrumentation, cockpit panel, and system repairs, from FAA-certified repair stations in California and Florida.
“We were proud to support the Velocity management team, led by Don Budhu,” said Prospect Partners’ Partner Brad O’Dell. “In the face of the significant industry headwinds resulting from the COVID-19 pandemic, Velocity continued to build a strong platform and is well-positioned for growth as the aviation industry recovers.”
Lincoln International served as Velocity’s exclusive financial advisor in this transaction.
In December, Prospect sold Landmark Irrigation (“Landmark”), of Madera, CA, to TriCal Soil Solutions, Inc. (“TriCal”). Founded in 1990, Landmark, a leading, full-service provider of custom agricultural irrigation systems and related orchard supply services, had been a Prospect portfolio company since 2012.
Through its seven retail locations in California and Arizona, Landmark upholds its renowned reputation for delivering high quality products and services while exceeding client expectations for irrigation system performance. The Company’s key offerings include designed custom piping, sprinklers, pumps, filters, related orchard supply products and a private label AgTech platform.
“Landmark will be a terrific strategic fit for TriCal,” said Prospect Partners’ partner Erik Maurer. “We are proud of the growth achieved during our partnership with Russ Spain, Gene Blocher and the rest of the Landmark team.”
Meridian Capital served as Landmark’s exclusive financial advisor in this transaction.