Gladstone Capital has invested $10.3 million in fuel systems repair provider North American Aircraft Services (NAAS) as part of an acquisition of NAAS by private equity sponsor Mangrove Equity Partners.
Gladstone provided debt and equity financing with NAAS president Scott Hagler to support the transaction, it said.
"Gladstone Capital is excited about supporting Mangrove and the experienced management team at NAAS in this investment. NAAS has established itself as a market leader in a highly technical and specialised area of aerospace services and we look forward to growing the business together," said Chip Stelljes, president of Gladstone Capital.
Based in San Antonio, NAAS provides repair and maintenance services for fuel tanks and systems for both commercial and military aircraft operators.