TCF Capital Funding (TCFCF), the Chicago-based cash flow and asset-based lending division of TCF National Bank, provided a $15.5 million secured financing to support the acquisition of Aircraft Propeller Services, Inc. (APS or the Company) by Iron Range Capital Partners.   

Headquartered in Wheeling, IL, APS provides aircraft propeller system MRO (maintenance, repair & overhaul) services to the regional, commercial, freight, military and general aviation markets. Founded over 60 years ago, APS has built an excellent reputation for technical capability, quality of work and customer responsiveness. 

"We are excited to support Iron Range’s investment in APS," said TCF Capital Funding Vice President Dan Delgadillo. "APS has exhibited strong growth and a leading position within its niche market and is well-positioned to continue to expand.”

“We are very excited to partner with APS CEO, Mark Grant, and the APS team,” said Gary Stark, managing partner of Iron Range Capital Partners.  “We see great potential in the aviation MRO space and look forward to helping APS capitalize on this significant market opportunity by leveraging APS’s core strengths and providing the Company resources to execute a profitable growth strategy.”

TCF Capital Funding provides cash flow and asset-based lending to lower middle market businesses.  National in scope, this senior leveraged lending group focuses on providing private equity sponsor-backed cash flow loans and asset-based loans to companies with less than $100 million in revenue and between $2 million and $10 million in EBITDA. 

Iron Range Capital Partners is an independent private equity firm. Based in Chicago, Iron Range focuses on partnering with strong management teams to execute on a growth strategy and leverage its network of operating partners to drive significant value creation either by adding to the existing management team or at the board level.