Turning Rock Partners Announces Exit of Next Level Aviation

NEW YORK, Jan. 2, 2025 /PRNewswire/ -- Turning Rock Partners ("TRP" or "Turning Rock"), a private investment firm, on Thursday, January 2, 2025, announced the majority redemption of its preferred equity investment in Next Level Aviation, based in Sunrise, Florida. Turning Rock's investment in Next Level Aviation initially closed in December 2019 and included capital for follow-on inventory purchases, geographic expansion and consignment deals. The closing of this realization marks Turning Rock's 18th exited transaction since inception.

Founded in March 2013 by Jack Gordon, Mike Dreyer and Matt Dreyer, Next Level Aviation employs 35 people in the U.S. and Ireland and has grown into a leading global supplier of commercial aircraft/jet engine used serviceable material.

Chairman and CEO Jack Gordon said of the TRP investment: "Turning Rock understood the transportation market and underwrote the complexities of the used serviceable material (USM) business in the commercial aviation aftermarket supply chain. Turning Rock added value in several ways including the appointment of key industry veterans who served on our board of directors, including Rajeev Bhalla and Ed Wegel. TRP also helped establish a more flexible ABL credit facility for us in 2020 at a time when the financing markets were effectively shut during COVID. Finally, they supported the expansion of our Florida warehouse footprint and the opening of an Irish subsidiary. We are grateful for their capital, their partnership and value-add along the way."

Ray Fernandez-Andes, CFO of Next Level Aviation, added "Through a trusted bank partner, we have been able to expand Next Level's financing capacity for growth. In doing so, we were able to consummate a management led recapitalization."

Gordon added, "Near-term growth opportunities for NLA include stocking of core engine, airframe structures and landing gear material, as well as the expansion of our footprint in Europe, Asia and the Middle East in the coming years."

"Our partnership with the company allowed it to continue the founders' track record of success. We are thrilled to see what Next Level Aviation accomplishes in its next chapter," said Saba Ahmad, President of Turning Rock and NLA Board Member. "We would like to thank the founders for their commitment and also acknowledge TRP Senior Advisors Rajeev Bhalla and Ed Wegel for their board advocacy at Next Level."

About Turning Rock Partners:
Turning Rock Partners ("TRP") targets debt, equity and hybrid investments in underserved or capital constrained lower-middle market businesses in North America. TRP structures bespoke financing solutions for companies across the private market landscape. For more information, please visit Turning Rock Partners' website: www.turningrockpartners.com. For Turning Rock investor relations, please contact [email protected].

About Next Level Aviation:
Next Level Aviation is a privately held commercial aviation parts trading and consignment firm. Over the last five years, Next Level Aviation has grown into a top global supplier of commercial aircraft/jet engine used serviceable material (USM) with sales offices/warehouses in Ft. Lauderdale, FL and Dublin, Ireland. The foundation for NLA's full 'nose to tail' support strategy has resulted in it being viewed as a 'center of excellence' for engine accessory and APU material as well as repair management.

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SOURCE Turning Rock Partners