Investment firm ICV Partners has acquired Universal Turbine Parts (UTP), a company specialising in selling refurbished turboprop engine components and engines.
Founded in 1993, UTP is one of the world’s largest distributors of aftermarket turboprop aircraft engines and engine parts. The company specialises in the PT6 and PW100 engine platforms manufactured by Pratt & Whitney Canada that power more than 14,000 aircraft worldwide in commercial and military use and are among the most popular engines in its class. Based in Prattville, AL, UTP offers an expansive inventory, including many hard-to-find engines and parts, and high caliber customer service to its 1,200 global customers.
Cory Mims, managing director of ICV Partners, said, “UTP supplies parts and replacements for one of the most successful engines in aviation history and the company is virtually in a class of its own in terms of its in-stock parts that are readily available. Led by a strong and experienced management team with terrific industry contacts, we see continued growth by leveraging the expertise of the management team and skilled sales personnel to expand to other engine platforms and build its position as a significant supplier to its global customers.”
Joel Plake, Chief Executive Officer of UTP, said, “The aftermarket we serve continues to grow as the existing installed base of PT6A and PW100 engine platforms age and come due for maintenance and replacement.”