Precision Aviation Group, Inc. enters into a definitive agreement to acquire PTB Group
Atlanta, GA – August 22, 2022 – Atlanta-based Precision Aviation Group, Inc. (PAG), a leading provider of products and value-added services to the aerospace and defense industries, announces that they have entered into a definitive agreement to acquire PTB Group (PTB).
PTB provides maintenance, repair, and overhaul (MRO) services on Pratt & Whitney PT6 and Honeywell TPE331 engines, leases engines and airframes, and provides aviation supply chain services. PTB is made up of the following entities: Pacific Turbine USA Group (a/k/a Prime Turbines) with locations in Texas, Arizona, Florida, and Pennsylvania, and Pacific Turbine Brisbane and Pacific Turbine Leasing, both in Brisbane, Australia and International Air Parts located in Sydney, Australia. The agreement is subject to shareholder approval and is currently scheduled to close in the 4th quarter of 2022.
“We are excited about adding PTB to the Precision Aviation Group of Companies. The addition of PTB increases PAG’s repair stations to 20 worldwide, expands our Engine Services Division with the addition of the PT6 and TPE331 engines, and significantly enlarges our Supply Chain Services business. Stephen Smith and his team – like PAG – are focused on exceptional customer service and exceeding customer expectations – we look forward to this partnership,” said David Mast, President and CEO of PAG.
Stephen Smith, PTB’s Managing Director and CEO said, “We are pleased to enter this binding transaction with PAG and 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. PAG has a shared vision with PTB, and I see an exciting future ahead.”
About Precision Aviation Group
PAG is a leading provider of products and value-added services to the aerospace and defense industry worldwide. With 16 Repair Stations globally, and over 650,000-square-feet of sales and service facilities. PAG uses its distinct business units and customer-focused business model to serve aviation customers through two business functions – Aviation Supply Chain – and its trademarked Inventory Supported Maintenance, Repair and Overhaul (ISMRO®). PAG provides MRO and Supply Chain Solutions for Fixed and Rotary-wing aircraft. PAG subsidiaries have MRO and manufacturing capabilities on over 150,000 products focused on 4 verticals – Avionics, Components, Engines and Manufacturing/Sub-Assembly/DER Services. (www.precisionaviationgroup.com). PAG is owned by global investment firm GenNx360 (www.gennx360.com).
About PTB Group
PTB Group is an ASX listed aviation company which provides the following services globally:
• Maintenance, repair and overhaul (“MRO”) services for Pratt & Whitney PT6 and Honeywell TPE331 Engines
• Aircraft/Engine Leasing
• Aircraft and engine related supply chain services
• PTB Group employees over 150 personnel and has a diverse customer base throughout the world including Australia, North and South America, Asia and the Pacific Islands (www.pacificturbine.com.au) and (www.primeturbines.com).
MEDIA CONTACT: Ketan Desai