Next Level Aviation Commences Recap of Turning Rock Partners

NLA to complete the full redemption of Turning Rock’s preferred equity investment by June 30, 2025

DANIA BEACH, Fla., Jan. 14, 2025 /PRNewswire/ — Next Level Aviation^® (NLA), a leader in the global distribution of used serviceable materials (USM) for all Boeing and Airbus commercial aircraft and associated jet engine platforms, has agreed to redeem Turning Rock Partners’ (TRP) 2019 preferred equity investment.  NLA made the first significant payment of the redemption agreement to TRP just prior to the end of 2024.

Next Level Aviation^® Chairman & CEO Jack Gordon stated, “We are extremely pleased to reach this redemption agreement with Turning Rock Partners and are greatly appreciative of their financial and operational support over the last five years, including during the most challenging operational environment in the history of commercial aviation due to the COVID-19 pandemic.  We wish TRP the best with their portfolio investments going forward.”

Mr. Gordon continued, “We would also like to thank PNC Bank for providing the asset-based lending flexibility needed to support this management led recap. Once the recap is complete, 100% ownership of Next Level Aviation^® will revert to its founders. We will evaluate the equity needs of the business going forward before choosing a new preferred equity partner to assist us in taking the business to the next level.”

Turning Rock Chief Operating Officer John Hamilton stated “Next Level Aviation has managed through the last five years with agility and tenacity, which is a testament to the dedication of its founders.  TRP is thrilled to have contributed to the company’s success and we wish the company and its founders much success in their next chapter.”

About Next Level Aviation^®
Next Level Aviation^® is an ASA-100 accredited and FAA Advisory Circular 00-56B compliant supplier stocking commercial aircraft/jet engine used serviceable material (USM) for all Boeing and Airbus aircraft platforms and associated jet engines. Next Level Aviation^® specifically focuses on stocking USM for the Boeing 737 and Airbus A320 families of aircraft and their associated jet engines, which currently make up about 70% of the global commercial fleet. Founded in March 2013 by Jack Gordon, Mike Dreyer, and Matt Dreyer, Next Level Aviation^® has grown into a top global supplier of commercial aircraft/jet engine used serviceable material. www.nextlevelaviation.net

About Turning Rock Partners:
Turning Rock Partners (“TRP”) targets debt, equity and hybrid investments in underserved or capital constrained lower-middle market businesses in North America. TRP structures bespoke financing solutions for companies across the private market landscape. For more information, please visit Turning Rock Partners’ website: www.turningrockpartners.com. For Turning Rock investor relations, please contact investor@turningrockpartners.com.

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