Blackstone Credit & Insurance and Jet Support Services (JSSI) announced over $1 billion in new financings to support the recapitalization of JSSI, the world’s largest independent provider of hourly cost maintenance programs for business aircraft engines, auxiliary power units, and airframes. The funds managed by Blackstone have now provided over $1.8 billion in debt financing and investment in common equity in a series of financings for JSSI, a portfolio company of leading private equity firms GTCR and Genstar Capital.
These strategic financings enable JSSI to strengthen its capital structure, enhance its operational capabilities, and continue its growth trajectory in the business aviation sector. Blackstone has been a long-time investor in JSSI since 2015, and these deals exemplify the firm’s commitment to growing with companies in its credit portfolio.
Originally founded in 1989 and based in Chicago, JSSI is the leading independent provider of hourly cost maintenance (HCM) programs for business aircraft engines, airframes, and auxiliary power units (APUs). And JSSI’s HCM programs cover over 300 different makes and models of business aircraft, including jets, turbo-props and helicopters.
KEY QUOTES:
“JSSI has consistently demonstrated its leadership in the aviation maintenance and technology sector, and we are proud to continue our capital support for them and to partner in the equity with premier sponsors like GTCR and Genstar. These financings not only underscore our longstanding investment in JSSI but also highlight how Blackstone can grow with world-class companies as they mature. Our position as a scaled capital provider allows us to deliver tailored solutions for both sponsors and corporates.”
- Brad Colman, Senior Managing Director at Blackstone
“We have enjoyed a great partnership with Blackstone for close to 10 years. We’re excited about the opportunities this latest transaction presents. These financings will enable us to further enhance our capabilities, accelerate growth, and deliver even greater value to our customers.”
- Neil Book, President and CEO of JSSI
