CLEVELAND, OH, March 20, 2013 – Resilience Capital Partners, a private equity firm
focused on investing in lower mid-market companies in a broad range of industries, has acquired
a majority interest in Aerospace Products International, Inc. (API), a global aviation parts and
equipment distribution and supply chain management firm, from First Aviation Services Inc.
“Aerospace Products International is well-positioned to take advantage of the industry’s trend
toward the outsourcing of after-market product distribution and other critical functions. We will
make a significant investment of capital to execute on our strategy of enhancing API’s
capabilities and competitiveness and build it into a truly great international company,” said
Steven H. Rosen, Co-CEO of Resilience.
The acquisition of a majority interest in API is the sixth platform investment in The Resilience
Fund III, L.P. In 2012, Resilience closed the Resilience Fund III, L.P., with $222.5 million of
committed capital.
API distributes aircraft parts and accessories to manufacturers, maintenance providers and
operators of widely used military, commercial, corporate and general aviation aircraft. API
focuses on increasing product availability, minimizing time-to-delivery and reducing process and
working capital costs for its customers. It also supplies key business data and metrics to help
customers control costs and manage their operations more efficiently. Based in Memphis,
Tennessee, API operates through distribution centers and partnerships on every continent.
Kenneth C. Ricci, a longtime aviation entrepreneur and Chairman of Flight Options, and Ulf
Buergel, both operating partners with Resilience, will oversee the investment in API, working
closely with the firm’s management team. “Aviation services is a complex and capital-intensive
industry, but it is one that we know well from our other investments,” said Buergel. “We have
the experience, management expertise and capital resources to help Aerospace Products
International build upon its strong foundation and benefit from the growing aviation market.”
Andrew Trosper will continue to serve as API’s president and chief executive officer. He took on
those roles in June 2012 after serving as API’s senior vice president. Trosper joined API in 2010
after a 22-year career at Honeywell Aerospace.
“Although air travel is increasing as the economy picks up, carriers have not been buying as
many new planes as in the past, and they have outsourced many functions related to parts and
maintenance,” Trosper said. “We have a great market opportunity, and the additional resources
that we will have available to us through Resilience ensure that we will be able to make the most
of this opportunity.”
Jones Day served as legal counsel to Resilience. Financing for the transaction was provided by
Wells Fargo Bank.
Resilience invests in niche-oriented manufacturing, distribution, consumer product and business
services companies located in the Midwest and throughout North America.
Resilience’s portfolio companies include Cleveland-based Flight Options, which has grown into
the world’s second-largest private aviation company since its acquisition in 2008. Recent
acquisitions include Canton, Michigan-based Aero Communications Inc. (formerly Advanced
Communications, Inc.), a leading provider of telecommunications infrastructure services
acquired in 2012, and CR Brands, a West Chester, Ohio-based manufacturer and marketer of
branded and private label household cleaning and laundry products acquired in 2012.
About Resilience Capital Partners
Headquartered in Cleveland, Ohio, Resilience Capital Partners invests in niche-oriented
manufacturing and business service companies located in the Midwestern and Mid-Atlantic
United States with sustainable market positions and a clear path to cash flow improvement.
Resilience targets platform businesses with $25 million to $250 million in revenues across a
broad range of industries where it can improve a company’s operations, competitive positioning
and profitability. Since its founding in 2001, Resilience Capital has invested in 28 companies
under 20 platforms. Its portfolio companies today employ more than 5,000 people in 14 states
and collectively represent over $2 billion in revenues. Resilience manages in excess of $320
million for its global investor base which includes pension funds, insurance companies,
foundations and endowments, fund of funds, wealth managers, and investment consultants. For
more information, please visit
Steve Rosen
Resilience Capital Partners
(216) 292-4535