Precision Aviation Group (PAG), which provides a range of products and services to the aerospace and defense industries, plans to acquire PTB Group through a definitive agreement between the companies. Financial terms of the transaction, which is expected to close in the fourth quarter, were not disclosed. PTB is listed on the Australian Securities Exchange.
The acquisition will increase Atlanta-based PAG’s repair stations to 20, expand its engine services division by adding Pratt & Whitney PT6 and Honeywell TPE331 turboprop engines, and “significantly enlarges our supply chain services business,” said PAG CEO David Mast.
PTB Group comprises Pacific Turbine USA with operations in Arizona, Florida, Pennsylvania, and Texas; and in Australia, Pacific Turbine Brisbane and Pacific Turbine Leasing (both in Brisbane) and International Air Parts in Sydney. “We…believe they will be a good future owner of the company who will be committed to continuing to expand our products and services and ensuring continued opportunities for our workforce of approximately 150 people,” said PTB managing director and CEO Stephen Smith.
PAG is a portfolio company of venture capital firm GenNx360 Capital Partners. “The PTB acquisition is highly strategic, and we are excited about the expansion of PAG's engine services capabilities and increasing their market share in this vertical,” said GenNx360 managing partner Daphne Dufresne.