Moelis Capital Partners Announces the Sale of Flightstar Aircraft Services

NEW YORK, NY
September 3, 2016

Moelis Capital Partners (MCP) has completed the sale of Flightstar Aircraft Services, Inc. (Flightstar or the Company) to MRO Holdings, based in Irving, Texas. Flightstar, located in Jacksonville, Florida, is a leading provider of maintenance, repair and modification support services to operators of transport-category aircraft.

“With MRO Holdings as our new partner, Flightstar is poised to continue the strong growth trajectory that we have experienced during our partnership with Moelis Capital Partners,” said Jerry Hernandez, President and Chief Executive Officer of Flightstar. “Over the last five years, MCP has been an outstanding strategic partner, helping us achieve our mutual business objectives. We appreciate their contributions and look forward to an equally fruitful relationship with MRO Holdings.”

Founded in 2000 and headquartered at Cecil Airport, Flightstar provides comprehensive inspection, maintenance and modification services. With three adjacent hangar facilities, approximately 470,000 square feet under roof and one million square feet of ramp space, the Company’s value-added services include airframe heavy maintenance including routine aircraft maintenance checks and passenger-to-freighter conversions. The Company’s website is www.flightstarjax.com.

Jim Johnston, Partner at NexPhase Capital (co-advisor to the MCP funds), noted, “We are pleased with the growth of Flightstar during our stewardship and enjoyed working hand-in-hand with management to accomplish our shared objectives. We wish Jerry and the team much success as they join MRO Holdings.”

“Welcoming Jerry and the Flightstar team into the MRO Holdings family is an important step in our strategy to expand our capabilities and services we provide to the market,” commented Greg Colgan, Chief Executive Officer at MRO Holdings. “Our customers are looking for more comprehensive maintenance solutions and the addition of Flightstar’s industry experience and strong performance positions us to better deliver on that need.”

Parr Brown Gee and Loveless, PC served as legal counsel to Flightstar with respect to the transaction, while Smith Hulsey & Busey served as counsel for the management team. Greenberg Traurig and UBS Securities served as legal counsel and financial advisor to MRO Holdings, respectively.

About NexPhase Capital:
NexPhase Capital, formed by the former principals of Moelis Capital Partners, the private equity division of Moelis Asset Management (MAM), is a New York-based private equity firm that targets equity investments between $25 and $75 million in leading middle market, growth-oriented companies. Earlier this year, the former principals of MCP formed NexPhase to seek to execute, on an independent basis, a sector-focused strategy of control investments in lower middle market companies. NexPhase specializes in the healthcare, industrial services, software and consumer sectors. Led by Co-Managing Partners Kurt Larsen and Ted Yun, NexPhase continues to sub-advise approximately $872 million of MCP’s legacy private equity capital. For more information, please visit www.NexPhase.com.

MRO Holdings Media Contact:
Kelly Hinna, khinna@mroholdings.com