Turning Rock Partners Celebrates Successful Exit from Next Level Aviation Investment

Turning Rock Partners (TRP), a prominent private investment firm based in New York, has made headlines with the announcement of its majority redemption pertaining to its preferred equity investment in Next Level Aviation, as of January 2, 2025. This development represents a significant milestone for TRP, marking it as the firm's 18th exited transaction since its founding.

The Journey of Next Level Aviation

Founded in March 2013 by Jack Gordon, Mike Dreyer, and Matt Dreyer, Next Level Aviation is a major player in the commercial aviation parts trading sector. Based out of Sunrise, Florida, the company specializes in used serviceable material (USM) for commercial aircraft and jet engines. The firm has expanded its operational footprint, employing 35 individuals across the U.S. and Ireland while establishing itself as a leading global supplier.

TRP's journey with Next Level Aviation began in December 2019, aiming to support the company's growth through strategic capital investments. These investments were pivotal for Next Level's further inventory purchases, expanding its operations, and facilitating consignment agreements.

Key Contributions from Turning Rock Partners

Jack Gordon, Chairman and CEO of Next Level Aviation, emphasized the profound impact TRP had on the company during their partnership. He noted that the firm’s understanding of the complexities within the transportation market and the USM business in the commercial aviation supply chain allowed them to contribute significantly.

Among the strategic maneuvers by TRP were the appointments of key industry veterans to the company's board of directors, including well-respected figures like Rajeev Bhalla and Ed Wegel. Their insights and guidance played a vital role in navigating the challenges posed by the industry, particularly during the COVID-19 pandemic when financial markets were effectively dormant. TRP's support during this time enabled Next Level to establish a more flexible asset-based lending (ABL) credit facility, which proved crucial for ongoing operations. Additionally, TRP was instrumental in expanding Next Level's warehouse capabilities in Florida and even stepping into global markets by facilitating the opening of a subsidiary in Ireland.

Ray Fernandez-Andes, CFO of Next Level Aviation, provided insight into how a trusted banking partnership enabled the firm to bolster its financing capacity for growth. This led to an important management-led recapitalization that further positioned Next Level for success.

Looking Forward

As Next Level Aviation turns a new page post-TRP investment, Jack Gordon highlighted immediate opportunities for growth. The company plans to stock essential components such as core engine parts, airframe structures, and landing gear materials. Moreover, they are eyeing expansion into European, Asian, and Middle Eastern markets — a move that promises to enhance their global presence and service capacity.

Saba Ahmad, President of Turning Rock, expressed excitement for the next chapter of Next Level Aviation. She acknowledged the commitment of the founders and paid tribute to the invaluable guidance offered by TRP's senior advisors during their tenure. This partnership has allowed Next Level to build upon its longstanding record of success, leaving enthusiasts eager to see how the company will navigate its future endeavors in the highly dynamic aviation industry.

About Turning Rock Partners

Turning Rock Partners focuses on sourcing innovative investment opportunities through debt, equity, and hybrid strategies. The firm's primary goal is to provide bespoke financial solutions to underserved and capital-constrained lower-middle-market businesses across North America. For more information on their investment strategies and portfolio, interested parties are encouraged to visit the Turning Rock Partners website.

About Next Level Aviation

Next Level Aviation is a privately held enterprise recognized for its leadership in the trading and consignment of commercial aviation parts. With operational bases in Fort Lauderdale, Florida, and Dublin, Ireland, the firm has cemented its status as a foremost supplier of aircraft engine USM. Their comprehensive 'nose to tail' support strategy has enabled them to garner respect within the industry, showcasing their commitment to quality and service excellence.