An Affiliate of Sun Capital Partners, Inc. Completes the Acquisition of Pemco World Air Services, a Commercial Aviation Maintenance and Modification Services Company.BOCA RATON Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , Fla. -- Sun Capital Partners, Inc. ("Sun Capital"), a leading private investment firm specializing in leveraged buyouts and investments in market-leading companies, today announced that one of its affiliates has completed the acquisition of Pemco World Air Services, Inc. ("Pemco"), a provider of commercial aircraft maintenance and cargo modification services on a contract basis to the owners and operators of large commercial aircraft, as well as one of the world's leading providers of cargo modification for 737-300/400 aircraft, from the publicly-traded entity formerly known as Pemco Aviation Group, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : PAGI). Under the terms of the sale agreement, the aggregate purchase price was $43 million. PAGI will now be known as Alabama Aircraft Industries, Inc. and will continue to perform maintenance and modification of aircraft for the U.S. government and for foreign and domestic commercial customers. Pemco today announced the appointment of Mr. Wake Smith as its President and Chief Executive Officer, effective immediately. Smith most recently served as Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Atlas Air Atlas Air is an American cargo airline based in Purchase, New York, United States. It operates scheduled freight flights on an ACMI contract basis for some of the world's leading airlines, flying to 101 cities in 46 countries. and Polar Air Cargo Polar Air Cargo is an American cargo airline based in Purchase, New York, USA. It operates scheduled all-cargo services to Asia, Europe, Australia, New Zealand and the Americas. Its main base is John F. , two leading providers of global air cargo air cargo: see aviation. services. Previously, he was President of FlightSafetyBoeing, an affiliate of The Boeing Company (NYSE NYSE See: New York Stock Exchange : BA) and the predecessor to Alteon Training L.L.C., which provides flight training services around the world. Wake Smith, President and Chief Executive Officer, Pemco World Air Services, Inc., stated, "Pemco is fortunate to have deep and long-standing relationships with several airframe maintenance customers, a talented and dedicated group of employees, and one of the most extensive legacies in the cargo conversion industry. We look forward to building on these assets to create a company that consistently adds value for our customers." Gary M. Talarico, Managing Director, Sun Capital Partners, Inc., added, "Sun Capital looks forward to working with Wake Smith and Pemco's management team to further develop the Company's strategic objectives to expand and improve its maintenance business, both organically and through acquisition, and to broaden its conversion services into new types of aircraft." About Sun Capital Partners, Inc. Sun Capital Partners, Inc. is a leading private investment firm focused on leveraged buyouts, equity, debt, and other investments in market-leading companies that can benefit from its in-house operating professionals and experience. Sun Capital affiliates have invested in and managed more than 165 companies worldwide with combined sales in excess of $35.0 billion since Sun Capital's inception in 1995. Sun Capital has offices in Boca Raton, Los Angeles, and New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , as well as affiliates with offices in London, Tokyo, and Shenzhen. For more information, please visit www.SunCapPart.com. |
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