SAN FRANCISCO and CHICAGO, November 11, 2022—Genstar Capital, a leading private equity firm focused on investments in targeted segments of the financial services, healthcare, software, and industrials industries, today announced a significant investment in Jet Support Services, Inc. (JSSI), the leading independent provider of aircraft maintenance support and financial tools for the business aviation industry. Genstar is partnering with existing investors GTCR, the Book family and JSSI’s management team to support the company’s next phase of growth.
For more than 30 years, JSSI has been delivering Hourly Cost Maintenance (HCM) Programs to the business aviation industry, partnering with aircraft owners and operators to help stabilize aircraft costs, assure high quality maintenance and provide enhanced customer service. JSSI also offers maintenance tracking software, a result of two notable acquisitions in the past 18 months, a global multi-channel parts distribution and engine leasing business (JSSI Parts & Leasing), and a subscription-based aircraft operating cost and performance guide (Conklin & de Decker), all of which provides synergistic benefits to aircraft operators.
The company has a global footprint across 85 countries, with 450 employees, including 75 technical advisors and product line specialists supporting 5,000+ aircraft and overseeing 10,000+ annual maintenance events. JSSI facilitates and streamlines carbon offset purchasing directly through its customer platform, allowing customers to monitor and reduce their carbon footprint. JSSI Parts & Leasing supports sustainable utilization through recycling of parts via aircraft teardowns and subsequent reuse of serviceable parts in maintenance and repair work.
Neil Book, Chief Executive Officer of JSSI, said, “We are laser focused on creating value for our customers by simplifying and easing the complexities of aircraft maintenance. My team and I are appreciative for the ongoing collaboration with GTCR, which has been a fun and rewarding partnership since 2020. As we start this next chapter, Genstar is an ideal partner, with a tremendous track record, to support our ambitious growth plan.”
Genstar’s investment in JSSI spanned a multi-vertical team across software, insurance and industrials, led by Eli Weiss, Ryan Clark and Rob Clark. “Genstar has a rich history investing across software, insurance and industrial distribution businesses and is excited to bring that unique perspective to help JSSI in its next chapter. JSSI is extremely well positioned to further its position in the private aircraft maintenance sector by leveraging its 30-year history in the industry. We are closely aligned with GTCR on how to create meaningful value and the JSSI team is poised to embark on its next chapter of growth. We look forward to working with Neil, his team and GTCR to further the company’s offerings and deliver value to customers,” said Weiss, Clark and Clark.
Craig A. Bondy, Managing Director at GTCR, added, “Since our investment in 2020 we have worked closely with Neil to accelerate JSSI’s growth, including completing two key acquisitions to significantly grow the company’s maintenance tracking software business and deliver advanced solutions to a wider cross section of the business aviation community. Genstar’s investment is a testament to the hard work of the JSSI team and the value proposition they deliver to customers.”
Simpson Thacher & Bartlett LLP served as legal counsel to Genstar. Kirkland & Ellis LLP served as legal counsel to GTCR.
About Genstar Capital
Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for over 30 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar currently has approximately $35 billion of assets under management and targets investments focused on targeted segments of the financial services, healthcare, industrials, and software industries.
Founded in 1980, GTCR is a leading private equity firm that pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through organic growth and strategic acquisitions. GTCR is focused on investing in transformative growth in companies in the Business & Consumer Services, Financial Services & Technology, Healthcare and Technology, Media & Telecommunications sectors. Since its inception, GTCR has invested more than $24 billion in over 270 companies, and the firm currently manages over $27 billion in equity capital. GTCR is based in Chicago with offices in New York and West Palm Beach. For more information, please visit www.gtcr.com. Follow us on LinkedIn.
About Jet Support Services, Inc.
For more than 30 years, Jet Support Services, Inc. (JSSI), has been the leading independent provider of maintenance support and financial services to the business aviation industry. JSSI supports in excess of 5,000 business jets and helicopters across the globe through its maintenance programs and software and serves customers through an infrastructure of certified technical advisors. JSSI leverages this technical knowledge, experience, buying power and data to provide support at every stage of the aircraft lifecycle, from aircraft acquisition to aircraft teardown and part out. For more information, visit jetsupport.com.