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VSE (NASDAQ: VSEC), a leading provider of aftermarket distribution and repair services, announced the pricing of its public offering of 2,112,676 shares of its common stock at $71.00 per share. The offering, expected to close on May 17, 2024, may raise approximately $141.0 million in net proceeds, after deducting underwriting discounts and commissions. VSE has granted underwriters a 30-day option to purchase up to an additional 316,901 shares. The proceeds will primarily be used to repay borrowings under its revolving loan facility and to support acquisitions, including Turbine Controls, Inc. Jefferies, RBC Capital Markets, and William Blair are among the joint lead book-running managers for the offering. The offering is being made via a preliminary prospectus supplement and an accompanying prospectus filed with the SEC.
VSE (NASDAQ: VSEC), a key player in aftermarket distribution and repair services, announced a public offering of shares of its common stock, subject to market conditions. VSE plans to grant underwriters a 30-day option to purchase up to an additional 15% of the shares offered. The proceeds will largely be used to repay existing borrowings and fund future strategic acquisitions, including the recent acquisition of Turbine Controls, Inc. Jefferies, RBC Capital Markets, and William Blair are managing the offering. The offering is under a shelf registration statement filed with and declared effective by the SEC.
VSE (NASDAQ: VSEC) reported record revenue and profitability for its Aviation segment in the first quarter of 2024. Total revenues increased by 28.1% to $241.5 million, with GAAP net income up by 49.0% to $12.1 million. Adjusted EBITDA rose by 36.7% to $32.3 million. The company completed the acquisition of Turbine Controls, Inc., expanding its capabilities in the commercial aviation market. VSE also announced strategic initiatives in its Aviation segment and corporate restructuring activities for 2024.
VSE (NASDAQ: VSEC) announced the appointment of Tarang Sharma as the interim Chief Financial Officer, succeeding Steve Griffin who is leaving the company. VSE is actively searching for a permanent CFO. Griffin will assist in the transition for three months. VSE's President and CEO, John Cuomo, praised Griffin's contributions and expressed confidence in Sharma's ability to lead the financial operations temporarily. The company has a strong succession planning process in place to ensure a smooth transition.
