Quality Aircraft Accessories, Inc. Secures Investment by Hastings Equity Partners30-Sep-2008
Leading General Aviation Aircraft Repair Station and Parts Distributor Takes Steps to Invest for the Future Growth of the Company
Tulsa, OK - September 30, 2008 — Quality Aircraft Accessories, Inc. ("QAA") announced today that it has secured an investment led by Hastings Equity Partners. Acquisition Advisors represented QAA. Joining Hastings in the investment are Brett Benton and Michael Lipscomb. Mr. Benton will join QAA and assume the role of Chief Executive Officer. Mr. Lipscomb will be a member of the board of directors and together with Mr. Benton and Hastings provide overall guidance and support as QAA initiates its growth strategy into the turbine engine segment of the general aviation aircraft market. QAA's founder and general manager, Justin Hicks, will continue to provide day-to-day oversight of the Company's operations.
"I am excited to be working with such an exceptional group of investors and operators whose industry backgrounds and experiences are so well suited to help guide QAA's continued success," said Justin Hicks. "QAA has established itself as a leading provider of refurbished and new accessory parts," added Mr. Hicks, "and with the support of our new investor group we will be able to grow the business while continuing to provide our customers with the highest quality products and services which they have come to expect." "Moreover, this is a terrific opportunity for all of QAA's employees to remain part of a growing company," Mr. Hicks concluded.
About Quality Aircraft Accessories
Quality Aircraft Accessories, Inc. (www.qualityaircraftaccessories.com) was founded in 1999 by industry veteran Justin Hicks. Over the last decade, the Company has rapidly grown and established itself as a leading supplier of accessory parts to the general aviation aircraft industry. QAA repairs and refurbishes aircraft engine components, such as generators, magnetos, fuel and hydraulic pumps, and turbo chargers, in addition to selling new OEM parts as a stocking distributor. QAA has a Class 1 & 2 FAA license as well as EASA approval allowing it to repair and service all mechanical, hydraulic, and electrical accessories for all aircraft types. QAA's headquarters and operations are located in Tulsa, Oklahoma.
About Hastings Equity Partners
Hastings Equity Partners is a private equity firm, located in the Boston Metropolitan area, focusing on acquiring niche manufacturing, distribution, and business services companies. Hastings looks for attractive investment opportunities where it can leverage its partners more than sixty years of operating experience to help companies create sustained value for its customers, employees, and investment partners.
About Brett Benton
Mr. Benton has spent the majority of his career working in the aerospace industry. For fifteen years, Mr. Benton was an executive with NORDAM and most recently served as the Vice President and General Manager, Asia Pacific residing in Singapore. Mr. Benton recently returned to Tulsa where he lives with his wife and three children.
About Michael Lipscomb
Mr. Lipscomb is a 30 year aerospace executive who currently owns Aircraft Component Solutions a supplier of complex PMA parts to the commercial aerospace industry. He was formerly President, Chairman, & CEO of Argo-Tech Corporation a position he held for over twenty years.
About Acquisition Advisors
Acquisition Advisors represented Justin Hicks and QAA in this transaction. Acquisition Advisors consults on the purchase, sale and valuation of mid-size private companies.
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Quality Aircraft Accessories, Inc