First Aviation announces sale of controlling interest in API

First Aviation Services released that it has entered into an agreement to sell the majority of its interest in Aerospace Products International (“API”) to Cleveland-based private equity firm Resilience Capital Partners. API, which is based in Memphis, is a global aviation parts and equipment distributor which also provides supply chain management services to the aviation industry. Resilience, which manages funds with more than $320m in assets, will make a significant capital investment to make API more competitive and dynamic. Resilience is a partner in aviation companies including Flight Options LLC and has investments in industrial, consumer goods and technology businesses.

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