Atlanta-based Precision Aviation Group, Inc. (PAG), a leading provider of products and value-added services to the aerospace and defense industries, announced that they have entered into a definitive agreement to acquire PTB Group (PTB).
PTB provides maintenance, repair, and overhaul services (MRO) on Pratt & Whitney PT6 and Honeywell TPE331 engines, leases engines and airframes, and provides aviation supply chain services. PTB is made up of the following entities: Pacific Turbine USA Group (a/k/a Prime Turbines) with locations in Texas, Arizona, Florida, and Pennsylvania, Pacific Turbine Brisbane and Pacific Turbine Leasing, both in Brisbane, Australia and International Air Parts located in Sydney, Australia. The agreement is subject to shareholder approval and is currently scheduled to close in the 4th quarter of 2022.
“We are excited about adding PTB to the Precision Aviation Group of Companies. The addition of PTB increases PAG’s repair stations to 20 worldwide, expands our Engine Services Division with the addition of the PT6 and TPE331 engines, and significantly enlarges our supply chain services business. Stephen Smith and his team – like PAG – are focused on exceptional customer service and exceeding customer expectations – we look forward to this partnership,” said David Mast, president and CEO of PAG.
Stephen Smith, PTB’s managing director and CEO said, “We are pleased to be entering into this binding transaction with PAG and believe they will be a good future owner of the company who will be committed to continuing to expand our products and services and ensuring continued opportunities for our workforce of approximately 150 people. PAG has a shared vision with PTB, and I see an exciting future ahead.”
This press release was prepared and distributed by Precision Aviation Group, Inc.
