VSE launches public stock offering to fund acquisition

VSE Corporation (NASDAQ: VSEC) commenced an underwritten public offering of common stock shares, according to a company statement. The aviation aftermarket services provider will use proceeds to fund its previously announced acquisition of GenNx/AeroRepair IntermediateCo Inc.

The company plans to grant underwriters a 30-day option to purchase up to an additional 15% of the offered shares. VSE intends to use net proceeds for the Aero 3 acquisition, potential future strategic acquisitions, and general corporate purposes.

Jefferies and Morgan Stanley serve as joint lead book-running managers and representatives of the underwriters. RBC Capital Markets and William Blair act as additional joint book-running managers for the offering.

VSE filed an automatically effective shelf registration statement with the Securities and Exchange Commission for the securities being offered. The offering will be made through a preliminary prospectus supplement and accompanying prospectus.

Based in Miramar, Florida, VSE provides aviation distribution and repair services for commercial and business and general aviation aftermarkets. The company offers aftermarket parts distribution and maintenance, repair, and overhaul services supporting engine component and engine and airframe accessory part distribution and repair services.

The company did not disclose the number of shares being offered or the expected pricing range for the offering in the statement.

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