The parent of Wichita-based Aerospace Turbine Rotables is selling its majority stake in its Memphis-based subsidiary.
First Aviation Services of Westport, Conn., has entered into an agreement to sell most of its interest in Aerospace Products International to Resilience Capital Partners, a private equity firm in Cleveland.
First Aviation will retain a minority interest in API after the transaction is complete.
“This agreement will raise API’s competitive standing in the industry while enabling First Aviation to focus on our core businesses,” said Aaron Hollander, First Aviation’s chairman and CEO, in a news release. “We believe that our partnership with Resilience will be productive and beneficial for employees, investors and customers.”
First Aviation said in the release that it will retain ownership of North Carolina-based Piedmont Propulsion Systems and Aerospace Turbine, 3414 W. 29th St. South, which manufactures aircraft components such as landing gear, wheels and brakes, and aircraft lighting.