After ST Aerospace withdrew its offer to buy Pemco World Air Services, the bankrupt MRO appears to have quickly found another buyer. Pemco’s top executives envision neither major management, nor precipitous programmatic, changes in the wake of an agreement in which Avion Services Holdings will purchase the Tampa-based MRO.
Pemco is working to emerge from bankruptcy protection. Avion, an affiliate of Sun Capital Partners, has provided debtor-in-possession (DIP) financing since Pemco filed for bankruptcy in March 2012.
“We have the same management, and we have the same strategy that helped us grow this business over the last several years,” Pemco President Kevin Casey tells Aviation Week. Citing the geographic locale of its 320,000 sq.-ft. Tampa International Airport facility, as well as a trio of busy Asian 737 passenger-to-cargo conversion lines in which it partners with Taikoo (Shandong) Aircraft Engineering Co. (Staeco), Casey says, “We’ve been quietly busy, under the radar, for the last few years.”
Pemco CEO William Meehan says the specific purchase price of the deal would be disclosed on or about Aug. 20.
Vision Technologies Aerospace, a subsidiary of VT Systems (itself a subsidiary of ST Engineering) had entered into an agreement with Pemco to purchase the MRO for $49.7 million. Pemco and VT Aerospace terminated that agreement. VT Systems CEO John Coburn was not available for immediate comment as to why. In a prepared statement, ST Engineering said only that the decision not to proceed with the agreement “was made after certain closing conditions would not be fulfilled by the seller prior to the closing deadline.”
The United States Bankruptcy Court approved the acquisition agreement by Avion on Aug. 9.