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Amazon.com freighter operator acquires PEMCO

TAMPA, FL: January 03, 2017. PEMCO, the Tampa-based provider of aircraft maintenance and conversion services owned by Sun Capital Partners, has been sold to Airborne Maintenance and Engineering Services (AMES), a subsidiary of the Air Transport Services Group (ATSG).

ATSG currently operates 14 B767-200/300 freighters on behalf of Amazon.com and will have 20 in service for the eCommerce company by July this year, bringing its fleet total to 52.

PEMCO acquisitionThe sale price was not disclosed and ATSG will not be assuming any PEMCO debt. During the third quarter of 2016, ATSG repurchased US$50 million of its stock from principal investor Red Mountain Capital Partners.

The PEMCO acquisition will provide combined MRO services from Wilmington and Tampa, and aircraft conversions from Tampa, San Jose, Costa Rica; and Xiamen, China.

Both AMES and PEMCO provide aircraft operators with line and heavy maintenance, engineering, sales, service, repair and overhaul under an FAA Part 145 Repair certificate.

"Based on PEMCO's existing domestic and international scale, this acquisition will expand access to maintenance service for customers of ATSG's expanding fleet of Boeing 767 cargo aircraft," said president and CEO Joe Hete. "It is consistent with our goal to diversify ATSG's revenue and earnings, for an investment in the same price range as our planned and completed stakes in cargo airlines in China and Europe."

Hete added that his company expected the PEMCO acquisition to have an accretive effect on ATSG's earnings from the beginning of this year.

For the first nine months of 2016, ATSG operating revenue was split 35 percent DHL; 24 percent Amazon; and the U.S. Military, 13 percent.

PEMCO has redelivered over 50 B737-300 and B737-400 conversions to Chinese operators since 2006.

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