A leading provider of aviation aftermarket distribution and repair services, today announced it has completed the acquisition of Precision Aviation Group, Inc. (“PAG”), a portfolio company of GenNx360 Capital Partners (“GenNx”), for approximately $2.025 billion in cash and equity.
The combination creates a scaled, independent aviation aftermarket platform with 61 locations across 8 countries, including 48 repair facilities and 11 distribution centers. The expanded platform enhances VSE’s global reach, technical capabilities, and integrated offering across maintenance, repair, and overhaul (MRO) services and distribution, serving a diverse customer base across commercial, business and general aviation, rotorcraft, original equipment manufacturer, and defense markets.
CEO Commentary
“Today marks a significant milestone in executing our strategy to build a focused, high-quality aviation aftermarket platform,” said John Cuomo, President and Chief Executive Officer of VSE. “The addition of PAG meaningfully expands our global footprint, strengthens our repair capabilities, and enhances our ability to deliver integrated, end-to-end solutions to our customers.
“With the transaction closed, our focus shifts to integration and synergy realization through cross-selling, repair insourcing, and procurement efficiencies. PAG’s margin profile is immediately accretive and supports a clear path to exceeding 20% consolidated Adjusted EBITDA margins over time.”
“Importantly, we are excited to welcome the talented PAG team to the VSE family and look forward to their contributions as we move forward together,” Cuomo concluded.
Transaction Details
The $2.025 billion purchase price includes $1.75 billion in cash and approximately $275 million in equity issued to GenNx that is exchangeable for VSE common stock, and up to an additional $125 million in contingent earnout payment based on 2026 performance, which is payable in cash, VSE common stock, or a combination thereof, at VSE’s discretion.
The transaction was funded using the net proceeds from VSE’s February 2026 equity and tangible equity unit offerings and $900 million under a new Term Loan B maturing in 2033.
VSE will provide additional detail on the combined company’s outlook, capital structure, and integration priorities with its first-quarter earnings release on May 5, 2026.
VSE Advisors
Perella Weinberg Partners served as exclusive financial and debt capital markets advisor to VSE.
Jones Day served as legal counsel to VSE.
RBC Capital Markets served as lead-left arranger on VSE’s Term Loan B.
Citizens Bank, N.A. served as administrative agent for the syndicate banks supporting the revolving credit facility.
ABOUT VSE CORPORATION
VSE is a leading provider of aviation distribution and repair services for the commercial and B&GA aftermarkets. Headquartered in Miramar, Florida, VSE is focused on significantly enhancing the productivity and longevity of its customers’ high-value, business-critical assets. VSE’s aftermarket parts distribution and maintenance, repair, and overhaul (MRO) services support engine component and engine and airframe accessory part distribution and repair services for commercial and B&GA operators. For more detailed information, please visit VSE’s website at www.vsecorp.com.
ABOUT PRECISION AVIATION GROUP
Precision Aviation Group (“PAG”) is a leading global provider of aviation aftermarket MRO, distribution, and supply chain services supporting B&GA, rotorcraft, and defense markets. PAG serves a broad global customer base and delivers technical expertise across engines, components, avionics, and proprietary repair solutions.
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