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Aviation, Power & Marine, Inc., a Boynton Beach, FL-based distributor of aeroderivative gas turbine engine parts and related services, has been acquired by private equity firm Pfingsten Partners, L.L.C., Deerfield, IL. AP&M provides parts and services to a variety of end markets: electrical utility and power generation, naval and commercial marine propulsion, heavy industrial manufacturing, and oil and gas exploration and transmission. AP&M also coordinates gas turbine engine leases and component repair services.
Pfingsten plans to grow the business though expansion into new engine types and brands, domestic and international expansion, increased leased engine placements, and greater penetration of existing market segments.
Under the terms of the agreement, AP&M will remain headquartered in Boynton Beach, FL.
The transaction represents the third transaction Pfingsten closed in the fourth quarter of 2008 and the twelfth investment platform in Pfingsten's $285 million Fund III.