VSE Corporation (NASDAQ: VSEC) shares gained ground Wednesday, as the company, a leading provider of aftermarket distribution and repair services, announced today that the Company has closed its previously announced acquisition of Turbine Controls, LLC (f/k/a Turbine Controls, Inc.), a leading provider of aftermarket support services for the repair and overhaul of engine components and engine and airframe accessories.
Said CEO John Cuomo “We are very pleased to officially welcome the TCI team to the VSE Aviation Family, The acquisition presents an opportunity for our VSE Aviation segment to accelerate its Maintenance, Repair, and Overhaul strategy, including expanding our repair capability offerings and adding several new OEM relationships. In addition, the acquisition strengthens our position in the commercial engine MRO aftermarket while providing additional opportunities for organic growth and market share gains.”
VSE acquired TCI for a total consideration of approximately $120 million, comprised of $110 million in cash and $10 million of common shares of the Company, subject to working capital adjustments.
VSE is a leading provider of aftermarket distribution and repair services. Operating through its two key segments, VSE significantly enhances the productivity and longevity of its customers' high-value, business-critical assets. The Aviation segment is a leading provider of aftermarket parts distribution and maintenance, repair, and overhaul (MRO) services for components and engine accessories to commercial, business, and general aviation operators.
VSEC shares picked up 81 cents, or 1%, to $78.55.
