VSE to acquire Kellstrom Aerospace for ~$200M; preliminary Q3 revenue $268-275M

VSE CORP

Acquisition of Kellstrom Aerospace for ~$200M ($185M cash + $15M stock), expected Q4 2024 close.
Kellstrom generated ~$175M revenue TTM; synergies of ~$4M expected; path to 15%+ EBITDA margins.
Preliminary Q3 2024 revenue $268-275M; operating income $22-24M; adjusted EBITDA $31-34M.
Aviation segment revenue +32-34% YoY; Fleet segment -10-15% YoY.
Total debt ~$453M, net debt ~$442M; pro forma net leverage <3.5x after financing.

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