Next Level Aviation has closed a deal with Turning Rock Partners for a $15 million preferred equity investment.
The private investment firm’s investment in Next Level Aviation was completed in December 2019 with the potential for further investments.
Next Level Aviation is an ASA-100 accredited and FAA Advisory Circular 00-56B compliant supplier. The company stocks commercial aircraft/jet engines, used serviceable material (USM) for all Boeing and Airbus aircraft platforms and associated jet engines.
Next Level focuses on stocking spare parts for the Boeing 737 and Airbus A320 aircraft families and their associated jet engines. Their stock currently makes up about 70 per cent of the global commercial fleet.
Founded by Jack Gordon, Mike Dreyer and Matt Dreyer, Next Level Aviation generated approximately $30 million in annual revenue in 2019.
Chairman and CEO Jack Gordon said of the TRP investment: “We were looking for a long-term financial partner that understood the potential of our commercial aircraft/jet engine used serviceable material business and shared our founding principles of decisiveness and integrity.
“Turning Rock is that partner, and we are very excited to work with them going forward for Next Level Aviation’s next stage of growth.”
Gordon added: “Near-term growth opportunities include stocking of core engine material and airframe structures; as well as the opening of additional facilities in Western Europe and Asia in the coming years.”
“Our partnership with the company allows it to continue the founders’ track record of success. We are excited to work with such a dynamic management team and help them fulfill their vision for the Company,” said David Markus, partner at Turning Rock.
Turning Rock targets debt, equity and hybrid investments in underserved or capital constrained lower-middle market businesses in North America. TRP structures bespoke financing solutions for companies across the private market landscape.
The firm currently manages approximately $400 million in investor assets in its first fund.
The closing of this $15 million financing project marks Turning Rock’s tenth transaction since inception.