Terms of the deal with the previous owner, Macquarie Group, were not disclosed in an ATS news release.
The new ownership group is led by ATS President and CEO Matt Yerbic and includes Wells Fargo, NewSpring Capital of Radnor, Pa., and Greenpoint Technologies of Kirkland, which provides interior design and fabrication for Boeing Business Jets.
ATS says it is Washington's second-biggest aerospace firm and employs more than 1,000. A good deal of ATS's business involves repair and overhaul of Boeing 737s and 757s, but the company performs a range of services at two Paine Field hangars and at a new facility at Grant County Airport in Moses Lake, on a wide variety of commercial and business jets.
Over its 42 years in business, Aviation Technical Services has been known also as Tramco (1970-1988) and Goodrich Aviation Technical Services (1988-2007). Macquarie bought the business from Goodrich in 2007 for $58.4 million.
"ATS is proud to take this important step to secure our future and ensure long-term stability for our customers, employees and company," Yerbic said in the news release. "We plan to grow, diversify our service and product offerings, create more jobs and to drive the growth of the aerospace industry in Washington state and beyond."
Said Greenpoint chairman and founder Jon Buccola, who will serve on the new ATS board: "We are excited to grow our partnership. Greenpoint and ATS have a 15-year working relationship on VIP and head-of-state programs. Investing in ATS and its facilities guarantees our joint success to deliver quality, on-time completions."
Yerbic is well-known in local aviation circles. He serves on the board of Economic Alliance Snohomish County and is vice chair of the board of the Aerospace Futures Alliance of Washington.
Chuck Taylor: 425-339-3429; email@example.com.
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