VSE Corp. to acquire Turbine Controls for roughly $120M

VSE Corporation announced that it has signed a definitive agreement to acquire Turbine Controls, Inc., a leading provider of aftermarket maintenance, repair and overhaul (“MRO”) support services for complex engine components, as well as engine and airframe accessories, across commercial and military applications. TCI has a strong presence across a large installed base of engine platforms, including several key next-generation platforms. Operating from their MRO centers of excellence in Connecticut and Florida, TCI’s offering of jet engine component and accessory repair services includes rotating and static engine components; reduction, transfer and accessory gearboxes; and pneumatic, hydraulic, fuel and oil accessories. TCI’s 45-year history of customer excellence and strong original equipment manufacturer (“OEM”)-focused repair approach aligns with VSE’s OEM-partner focused strategy. VSE will acquire TCI for a total consideration of approximately $120 million, comprising $110 million in cash and $10 million of common shares of the Company, subject to working capital adjustments. The acquisition is expected to close in the second quarter of 2024, subject to customary closing conditions.