The deal comes two years after GTCR picked up JSSI. The firm will remain an investor following the Genstar deal.
JSSI delivers hourly cost maintenance programs and maintenance tracking software, and has a footprint across 85 countries.
A statement from Genstar’s Eli Weiss, Ryan Clark and Rob Clark said, “Genstar has a rich history investing across software, insurance and industrial distribution businesses and is excited to bring that unique perspective to help JSSI in its next chapter.
“JSSI is extremely well positioned to further its position in the private aircraft maintenance sector by leveraging its 30-year history in the industry.
“We are closely aligned with GTCR on how to create meaningful value and the JSSI team is poised to embark on its next chapter of growth.”
Craig Bondy, a managing director at GTCR, added, “Since our investment in 2020 we have worked closely with Neil to accelerate JSSI’s growth, including completing two key acquisitions to significantly grow the company’s maintenance tracking software business and deliver advanced solutions to a wider cross section of the business aviation community.
“Genstar’s investment is a testament to the hard work of the JSSI team and the value proposition they deliver to customers.”
The deal is Genstar’s second this week, following its agreement to buy tech insurance, repair and replacement specialist Likewize.
Genstar raced to an $11.7bn close for its tenth fund last year – a huge increase on the already weighty $5.5bn Fund IX it closed in 2019.
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