Subsequent Events |
6 Months Ended |
|---|---|
Jun. 30, 2021 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events Acquisition of Global Parts Group, Inc.
In July 2021, we acquired Global Parts Group, Inc. ("Global Parts"), a privately owned company with operations in Augusta, Kansas. Global Parts provides distribution and MRO services for business and general aviation (B&GA) aircraft families. The acquisition will expand our existing B&GA focus beyond engine components to include the entire airframe. We anticipate this acquisition will further diversify our existing product and platform offerings, while expanding our customer base of regional and global B&GA customers. Global Parts will operate as a subsidiary of VSE Aviation, Inc. under our Aviation segment.
The aggregate initial cash purchase price for Global Parts was approximately $38 million, subject to certain post-closing and working capital adjustments, which was funded using our existing bank revolving loan.
We incurred approximately $215 thousand of acquisition-related expenses as of June 30, 2021 which are included in selling, general and administrative expenses.
Bank Loan Amendment
In July 2021, we entered into a third amendment to our loan agreement. For additional information, see Note (4) "Debt — Subsequent Event."
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