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VSE
VSE (VSEC) investor relations material
VSE M&A announcement summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.M&A announcement summary29 Jan, 2026
Deal rationale and strategic fit
Acquisition creates a scaled, pure-play aviation aftermarket platform with expanded global footprint, proprietary repair solutions, and broader technical capabilities.
Diversifies end-market and customer exposure across commercial, cargo, business, general aviation, rotorcraft, OEMs, lessors, and defense, serving over 10,000 active customers.
Strengthens MRO, distribution, and proprietary solutions, supporting rapid component replacement, improved fleet readiness, and asset life extension.
Enhances long-term value creation for customers, suppliers, employees, and shareholders, leveraging a proven integration playbook and history of successful M&A.
Adds complementary business units, including component, engine, avionics services, and proprietary solutions.
Financial terms and conditions
Total upfront consideration of ~$2.025 billion: $1.75 billion in cash and ~$275 million in equity to the seller, subject to customary adjustments.
Up to $125 million in additional contingent earnout based on 2026 adjusted EBITDA performance.
Upfront consideration represents ~13.5x PAG's expected 2025 adjusted EBITDA, including full run-rate synergies.
Cash portion supported by a fully committed bridge facility; interest rate consistent with current debt.
Equity issued to GenX/GenNx360 Capital Partners.
Synergies and expected cost savings
Over $15 million in annualized synergies expected through phased integration of operational and corporate functions.
Synergies to be realized via cross-selling, insourcing, procurement savings, network optimization, operational efficiencies, and supply chain improvements.
Additional upside possible from sales and revenue synergies as integration progresses.
Consolidated adjusted EBITDA margin expected to exceed 20% as integration progresses.
PAG's EBITDA multiple pre-synergies?
Elaborate on key synergy drivers for $15M+
How does PAG's margin profile drive VSE's 20%+ target?
What drives synergy upside beyond $15M target?
Why phased integration, starting 2027?
How will PAG's organic growth be optimized?
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Next VSE earnings date
Q4 20254 Mar, 2026
VSE
Next VSE earnings date
Q4 20254 Mar, 2026
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Frequently asked questions
VSE Corporation provides aftermarket distribution and maintenance, repair, and overhaul services for land, sea, and air transportation assets. The company serves government, defense, and commercial clients with supply chain support and engineering solutions. Its segments include aviation, fleet, and federal and defense services. The company is headquartered in Alexandria, Virginia, and its shares are listed on the NASDAQ.
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