Denver, CO - Platte River Equity ("Platte River") is pleased to announce the sale of CTS Engines and CTS Testing ("CTS" or the Company") to an investment affiliate of J.F. Lehman & Company ("JFLCO"). CTS is a leader in maintenance, repair, overhaul (MRO) and testing services to owners and operators of commercial jet engines worldwide.
"It has been a pleasure working with Vesa Paukkeri, his management team and the talented employees at CTS for the past four and a half years," commented Platte River Managing Director Greg Sissel. "We have enjoyed supporting the CTS organization through this period of tremendous growth and wish Vesa and his team all the best for continued success in their new partnership with JFLCO."
CTS CEO Vesa Paukkeri said, "Platte River has been an invaluable partner for CTS, having supported our business strategically, financially and operationally to help us drive the Company's long-term growth. We thank the Platte River team for its support and partnership over the years and look forward to our next chapter of growth with JFLCO."
Platte River Principal Eric Crawford said, "During our partnership, CTS achieved remarkable growth and made significant investments to enhance the Company's organization, strategy and operations. We are looking forward to watching CTS' continued success under management's new partnership with JFLCO as they take the Company into its next stage of growth."
William Blair served as lead financial advisor to CTS and Platte River, and Lincoln International served as co-advisor. Bartlit Beck served as legal counsel to Platte River.
About CTS Engines
Headquartered in Fort Lauderdale, FL, CTS is a leader in maintenance, repair, overhaul (MRO) and testing services to owners and operators of commercial jet engines worldwide. The Company specializes in the overhaul of General Electric CF6-80C2, CF6-80A and CF6-50 engines, as well as Pratt & Whitney PW2000 engines. In its Ft. Lauderdale, FL, engine service center, CTS utilizes a complete set of in-house machinery and tooling to provide its customers with full-service MRO support. In its facility in Jupiter, FL, CTS is the industry leader in independent high-thrust commercial engine testing.