M&A Deal Summary

GTCR, Genstar Capital and Blackstone Credit Acquire JSSI

On November 19, 2020, private equity firm GTCR, private equity firm Genstar Capital and lender Blackstone Credit acquired aerospace company JSSI

Acquisition Highlights
  • This is GTCR’s 2nd, Genstar Capital’s 1st and Blackstone Credit’s 1st transaction in the Aerospace sector.
  • This is GTCR’s 112th, Genstar Capital’s 86th and Blackstone Credit’s 7th transaction in the United States.
  • This is GTCR’s 17th, Genstar Capital’s 5th and Blackstone Credit’s 1st transaction in Illinois.

M&A Deal Summary
Date 2020-11-19
Target JSSI
Sector Aerospace
Buyer(s) GTCR
Genstar Capital
Blackstone Credit
Deal Type Recapitalization
Advisor(s) RBC Capital Markets (Financial)
Akerman (Legal)

Target

JSSI

Chicago, Illinois, United States
JSSI is an independent provider of maintenance programs to the aviation industry, covering virtually all makes and models of aircraft, engines, and APUs. The company provides its customers with comprehensive, flexible, and affordable financial programs and tools for managing the often unpredictable costs of operating and maintaining business and commercial jets, turboprops, and helicopters. JSSI was founded in 1989 and is based in Chicago, Illinois.

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Buyer(S) 3

Buyer

GTCR

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1980
PE ASSETS 15.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

GTCR is a private equity firm that typically partners with management when pursuing acquisitions. The Firm looks to grow companies through build-on acquisitions, consolidations, and internal growth. GTCR will consider both equity and mezzanine capital commitments and concentrates its investment activity in consumer products & services, healthcare services, outsourced business services, technology, transaction processing, and pharma/medical products. GTCR was formed in 1980 and is based in Chicago, Illinois.

DEAL STATS #
Overall 116 of 143
Sector (Aerospace) 2 of 2
Type (Recapitalization) 6 of 6
State (Illinois) 17 of 20
Country (United States) 112 of 138
Year (2020) 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-19 Maravai

San Diego, California, United States

Maravai’s mission is to build a transformative company in the in vitro diagnostics and life sciences tools markets by acquiring outstanding businesses in these spaces and accelerating their growth. Maravai was founded in 2020 and is based in San Diego, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-01 Riverchase Dermatology and Cosmetic Surgery

Fort Myers, Florida, United States

Riverchase Dermatology and Cosmetic Surgery is a provider of dermatology and cosmetic services, offering advanced treatment options for skin cancer, general dermatology, and cosmetic procedures. Riverchase Dermatology and Cosmetic Surgery was established in 2000 and is headquartered in Fort Myers, Florida.

Sell -
Buyer

Genstar Capital

San Francisco, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1988
PE ASSETS 49.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Genstar Capital is a private equity firm that seeks investments in life science, healthcare, medical products, industrial technology, software, financial services, packaging, building materials, manufacturing, and business services companies. Genstar looks to invest between $50 and $400 million of equity capital in businesses valued up to $1 billion. Target transaction situations include control-oriented leveraged buyouts of corporate divisions, privately held businesses or public companies, minority investments in privately held businesses or public companies, ownership restructurings/recapitalizations of privately held businesses, growth equity financings, partnerships with other strategic or financial buyers, and take privates. Genstar Capital was formed in 1988 and is based in San Francisco, California.

DEAL STATS #
Overall 93 of 109
Sector (Aerospace) 1 of 1
Type (Recapitalization) 6 of 7
State (Illinois) 5 of 5
Country (United States) 86 of 101
Year (2020) 7 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-17 ISS

Rockville, Maryland, United States

Institutional Shareholder Services, Inc. is a provider of corporate governance and responsible investment (RI) solutions for asset owners, asset managers, hedge funds, and asset service providers. ISS’ solutions include objective governance research and recommendations; RI data, analytics, advisory, and research; end-to-end proxy voting and distribution solutions; turnkey securities class-action claims management (provided by Securities Class Action Services, LLC); and reliable global governance data and modeling tools. Clients rely on ISS’ expertise to help them make informed corporate governance and responsible investment decisions. Institutional Shareholder Services was formed in 1985 and is based in Rockville, Maryland.

Sell $2.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-02 Infinite Electronics

Irvine, California, United States

Infinite Electronics is a supplier of engineering-grade radio-frequency technology products, operating under its proprietary brands for a global engineering base. IRF serves the high urgency, technical needs segment of the global RF component market, and differentiates itself through a broad selection of RF components available for same-day shipping, custom cable design and assembly capabilities for 250,000+ unique configurations, and significant technical expertise in bringing new products to the market and providing solutions for R&D engineers. Infinite Electronics was formed in 1972 and is based in Irvine, California.

Sell -
Buyer

Blackstone Credit

Investor Investor Investor Investor Investor

Category Lender
Founded 2004
Size Mega
Type Sector Agnostic
DESCRIPTION

Blackstone Credit is the lending arm of alternative asset management firm The Blackstone Group. Blackstone Credit looks to provide a variety of capital needs, including loans, high yield and investment grade bonds, structured credit, mezzanine lending, and opportunistic financings. The Blackstone Group acquired lender GSO Capital Partners in 2008 which formed the foundation for Blackstone Credit. Blackstone Credit is based in New York City.

DEAL STATS #
Overall 9 of 13
Sector (Aerospace) 1 of 1
Type (Recapitalization) 1 of 1
State (Illinois) 1 of 1
Country (United States) 7 of 10
Year (2020) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-20 Fairway Group Holdings

New York, New York, United States

Fairway Group Holdings Corp. is a specialty grocery concept that currently operates six full-service retail food stores in the New York metropolitan area. Fairway offers its customers an extensive mix of the freshest produce—both conventional and organic—prepared foods, and quality specialty grocery items, such as exotic cheeses, smoked fish and private label olive oils, along with conventional grocery items, all at reasonable prices and with high quality service.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-01 Westland Insurance

Surrey, British Columbia, Canada

Westland Insurance is an innovator, engages in personal and commercial insurance products. Westland Insurance was founded in 1980 and is based in Surrey, British Columbia.

Buy -
Mergr

Product

Company

Legal