Jet Support Services, Inc. Recapitalization Backed by Over $1 Billion from Blackstone
Deal News | Dec 10, 2024 | Blackstone
Blackstone Credit & Insurance, a prominent credit investor, has announced a significant capital injection exceeding $1 billion to facilitate the recapitalization of Jet Support Services, Inc. (JSSI), a company held in the portfolios of top private equity firms GTCR and Genstar Capital. JSSI, renowned as the world's foremost independent provider of hourly cost maintenance (HCM) programs for business aviation, is positioned to enhance its capital and operational capabilities through this strategic financing, buttressing its growth trajectory in the business aviation sector. Blackstone’s longstanding association with JSSI since 2015 underscores its strategic commitment to augment companies within its credit portfolio. Senior Managing Director at Blackstone, Brad Colman, emphasized the firm's role as a versatile capital provider capable of tailored financial solutions. Neil Book, President and CEO of JSSI, expressed enthusiasm for the opportunities this financing will unlock for further growth and value creation. This transaction signifies not only Blackstone's commitment to JSSI but also its collaboration with premier equity sponsors.
Sectors
- Private Equity & Venture Capital
- Aviation
- Financial Services
Geography
- United States – The activities of Blackstone and Jet Support Services, Inc., both headquartered in the U.S., anchor the article in the American financial and aviation sectors.
- New York – As the location of Blackstone's headquarters, New York is central to the financial operations discussed in the article.
- Chicago – Chicago, as the headquarters of Jet Support Services, Inc., is relevant to the article, representing JSSI's geographical base of operations.
Industry
- Private Equity & Venture Capital – The involvement of private equity firms GTCR and Genstar Capital highlights the article's relevance to the Private Equity industry, focusing on investment strategies and portfolio management.
- Aviation – Jet Support Services, Inc. operates within the aviation industry, specializing in maintenance programs for business aircraft, asserting its significant role in aviation maintenance services.
- Financial Services – Blackstone's role in providing debt financing and investment services links the article to the financial services industry, particularly in areas such as credit investing and financial structuring.
Financials
- $1 billion – Amount of new financing provided by Blackstone for the recapitalization of Jet Support Services, Inc.
- $1.8 billion – Total debt financing and equity investment provided by Blackstone for Jet Support Services, Inc. over a series of financings.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Blackstone Credit & Insurance | Bidding Company/Buyer | Company | A major credit investor managing funds for debt financing and equity investments, facilitating growth for companies in its portfolio. |
| Jet Support Services, Inc. | Target company | Company | Leading provider of hourly cost maintenance (HCM) programs for business aviation, seeking recapitalization to enhance growth. |
| GTCR | Equity Sponsor | Company | Private equity firm co-owning Jet Support Services, Inc. |
| Genstar Capital | Equity Sponsor | Company | Private equity firm co-owning Jet Support Services, Inc. |
| Brad Colman | Senior Managing Director | Person | Senior Managing Director at Blackstone, involved in the financing activities mentioned in the article. |
| Neil Book | President and CEO | Person | President and CEO of Jet Support Services, Inc., discussing the impact of the financing on the company. |