Precision Aviation Group completed the acquisition of Velocity Aerospace Group from Prospect Partners.

Precision Aviation Group, an aviation services provider, completed the acquisition of Velocity Aerospace Group, a provider of aviation maintenance, repair and overhaul services, from Prospect Partners, a private equity firm. Financial terms were not disclosed. "It's a very exciting time to join PAG as they continue to execute their strategic growth plans which include significant investments in Velocity's product and service offerings, process updates, and new repair capabilities. We have worked closely with PAG's management team throughout the acquisition process and believe this partnership will provide significant benefits to our customers, vendors, and employees," Dan McDonald, Velocity Vice President and GM.