VSE Completes $2B Acquisition of Precision Aviation Group

Commercial, business, and general aviation maintenance, repair, and overhaul (MRO) specialist VSE has completed its acquisition of Precision Aviation Group (PAG) from private-equity firm GenNx360 Capital Partners for $2.025 billion in cash and equity. Completion of the deal follows a definitive agreement reached in January.

The acquisition creates a combined aftermarket services provider that spans 61 locations across eight countries, including 48 repair facilities and 11 distribution centers, VSE said, adding that it expands the company’s global reach, technical capabilities, and integrated offerings in MRO and distribution services.

Founded in 1996, Atlanta-based PAG provides MRO, distribution, and other supply-chain services to the commercial, business, and general aviation markets and the rotorcraft and defense markets. GenNx360 acquired PAG in 2018 and has since helped steer the growth from nine repair stations to 29, with an expanded footprint from North America to Europe, Australia, and Brazil. This growth was spurred by 11 add-on acquisitions, GenNx360 noted.

PAG employs more than 1,000 people and completes 175,000 repairs annually. GenNx360 estimated that the acquisition will increase VSE revenue by about 50% on a pro forma 2025 basis.

“Our partnership with PAG was a result of GenNx360’s proactive strategy and deep sector expertise in aerospace and defense. Our ability to scale PAG to a diversified global MRO platform is a testament to PAG’s exceptional management team,” said Pratik Rajeevan, principal at GenNx360 Capital Partners, who sourced and led the investment.

VSE president and CEO John Cuomo added, “The addition of PAG meaningfully expands our global footprint, strengthens our repair capabilities, and enhances our ability to deliver integrated, end-to-end solutions to our customers.”

He further noted that now that the transaction is closed, VSE is shifting focus to integration and synergy through “cross-selling, repair insourcing, and procurement efficiencies.”

The transaction included $1.75 billion in cash and approximately $275 million in equity issued to GenNx360 that is exchangeable for VSE common stock, and up to an additional $125 million in contingent earnout payment based on 2026 performance.

“Our ongoing equity ownership in VSE reflects our conviction in PAG’s momentum and in VSE’s ability to accelerate its next stage of growth, enhance capabilities, and deliver even greater value for customers,” said Ron Blaylock, founder and managing partner of GenNx360 Capital Partners.