Turning Rock Partners, a private investment firm based in New York, announced the closing of a $15 million preferred equity investment in Next Level Aviation, based in Sunrise, Florida.
Next Level Aviation is an ASA-100 accredited and FAA Advisory Circular 00-56B compliant supplier stocking commercial aircraft/jet engine used serviceable material (USM) for all Boeing and Airbus aircraft platforms and associated jet engines. Next Level specifically focuses on stocking spare parts for the Boeing 737 and Airbus A320 families of aircraft and their associated jet engines, which currently make up about 70 percent of the global commercial fleet.
Founded in March 2013 by Jack Gordon, Mike Dreyer and Matt Dreyer, Next Level Aviation employs 14 people and has grown into a leading global supplier of commercial aircraft/jet engine used serviceable material, generating approximately $30 million in annual revenues in 2019.
“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,” chairman and CEO Jack Gordon said of the TRP investment. “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.
Turning Rock was advised by Todd Bowen of Greenberg Traurig, Adam Guthorn of Alton Aviation Consultancy and Laz Gutierez of MBAF.