VSE Corp. subsidiary acquires 1st Choice Aerospace
VSE Aviation, a subsidiary of VSE Corporation, announced that it has acquired 1st Choice Aerospace, two privately owned aviation supply chain management companies with operations in Florida and Kentucky that provide component maintenance, repair and overhaul services and products for new generation and legacy commercial aircraft families. The initial purchase price paid at closing was $112M in cash. The purchase agreement also includes potential post-closing payments of up to $40M if 1st Choice surpasses certain performance thresholds as defined in the purchase agreement during 2019 and 2020. Other purchase price adjustments also may be required based on certain post-closing determinations, including in respect of the closing net working capital.