Next Level Aviation commences recap of turning rock partners

Dania Beach | Next Level Aviation (NLA), a leader in the global distribution of used serviceable materials (USM) for all Boeing and Airbus commercial aircraft and associated jet engine platforms, has agreed to redeem Turning Rock Partners’ (TRP) 2019 preferred equity investment.

NLA made the first significant payment of the redemption agreement to TRP just prior to the end of 2024.

Next Level Aviation Chairman and CEO Jack Gordon said they are extremely pleased to reach this redemption agreement with Turning Rock Partners and are greatly appreciative of their financial and operational support over the last five years.

Gordon recalls TRP support during the most challenging operational environment in the history of commercial aviation due to the COVID-19 pandemic.

“We wish TRP the best with their portfolio investments going forward.”

Gordon continued, “We would also like to thank PNC Bank for providing the asset-based lending flexibility needed to support this management-led recap.

“Once the recap is complete, 100% ownership of Next Level Aviation will revert to its founders. We will evaluate the equity needs of the business going forward before choosing a new preferred equity partner to assist us in taking the business to the next level.”

Turning Rock Chief Operating Officer John Hamilton stated, “Next Level Aviation has managed through the last five years with agility and tenacity, which is a testament to the dedication of its founders.

“XTRP is thrilled to have contributed to the company’s success and we wish the company and its founders much success in their next chapter.”

NLA 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.

Meanwhile, TRP targets debt, equity and hybrid investments in underserved or capital constrained lower-middle market businesses in North America.