Private Equity Fuels MRO Consolidation: ATS Taps Aerospace Veterans for Expansion

MATHIS, TX – October 05, 2026 – Airforce Turbine Service, Ltd. (ATS), a leading independent global aviation services provider specializing in the Pratt & Whitney Canada PT6A turboprop engine family, has announced a significant overhaul of its executive suite. The company has appointed aerospace industry veteran Randy Mengel as Chief Executive Officer and Isaias Gomez as Chief Financial Officer, effective immediately.

The strategic appointments mark a critical phase in ATS's evolution following its December 2025 platform acquisition by Chicago-based private equity firm McNally Capital. By installing a battle-tested C-suite, McNally Capital is telegraphing an aggressive buy-and-build consolidation strategy aimed at capturing greater market share in the highly fragmented aviation maintenance, repair, and overhaul (MRO) sector.

Rob Wilson, who steered the company as Interim Chief Executive Officer since the McNally Capital buyout, will transition back to his full-time role as Executive Chairman. Wilson, a McNally Capital industry partner and the former President of Business Aviation & General Aviation at Honeywell Aerospace, will continue to guide the strategic direction of the Texas-headquartered enterprise alongside the newly minted leadership team.

Assembling a Veteran Aerospace Leadership Team

The recruitment of Randy Mengel brings more than 35 years of specialized aerospace and defense experience to the helm of ATS. Mengel carries a well-documented track record of accelerating engine overhaul businesses and expanding shop capabilities across the global aviation supply chain.

Most recently serving as Senior Vice President of Regional One’s Engine Division, Mengel has consistently demonstrated an ability to scale complex engineering operations. His tenure as Chief Operating Officer of CTS Engines saw him successfully launch the GP7200 and F117 MRO programs, providing critical support for the Airbus A380 and the C-17 Globemaster III military transport aircraft. Before that, during a 12-year stint at StandardAero, Mengel doubled revenue at the company’s Maryville operations and spearheaded key engine programs, including the Rolls-Royce AE-1107 and AE-2100, which power the V-22 Osprey and C-130J.

“ATS has built a strong reputation as a trusted partner to PT6A operators around the world, and I am excited to join the Company at such a pivotal point in its growth journey,” Mengel said in a statement. “The team has done tremendous work expanding the global capabilities and footprint, and I look forward to building on that foundation and deepening our operational excellence, growing our aftermarket platform and continuing to deliver the reliability our customers depend on.”

Complementing Mengel's operational expertise is Isaias Gomez, who assumes the role of Chief Financial Officer with over 25 years of finance leadership spanning aerospace, aviation MRO, and international operations. Gomez joins ATS from Citadel Completions, where he served as CFO, partnering with the chief executive on strategy, capital allocation, and organic growth. At Citadel, Gomez was integral in scaling the company’s VVIP interiors and MRO business through the integration of several strategic acquisitions.

Gomez’s background also includes managing finance for an aerospace division of AMETEK that spanned 11 manufacturing and MRO facilities, as well as leading the finance division for a $400 million segment at Fairmount Santrol through its initial public offering. He began his career at Diamond Offshore Drilling, with leadership assignments in South Africa and Malaysia.

“I am excited to join ATS and work alongside Randy and the broader leadership team, and I look forward to bringing financial discipline and strategic focus to support the Company's continued organic and inorganic growth initiatives,” Gomez stated.

Private Equity’s Playbook: The Roll-Up Strategy

The executive reshuffle is a textbook maneuver in the private equity playbook, specifically designed to accelerate a roll-up strategy within a fragmented industry. Acquired through McNally Capital Fund III, LP, ATS is positioned as a foundational platform for broader industry consolidation. McNally Capital, known for its focus on lower middle-market companies in aerospace, defense, and industrial technology, is applying its proprietary "Atlas" value creation operating system to drive this next phase of growth.

Industry analysts note that private equity firms are increasingly drawn to mature engine platforms like the PT6A. "The aftermarket for enduring turboprop engines is incredibly attractive because it offers predictable, recurring revenue streams," noted one M&A advisor specializing in aerospace transactions. "By acquiring a respected independent operator like ATS and backing it with experienced capital allocators, private equity can systematically acquire smaller, niche repair shops, integrate alternative parts suppliers, and build a global powerhouse that rivals OEM networks in scale but beats them on price and turnaround time."

"This is an exciting inflection point for the ATS platform, and Randy and Isaias are the right leaders to help take the business to the next level,” noted Rob Wilson. “Their deep operational and financial expertise will strengthen ATS as the Company expands the global footprint of this leading platform for PT6 MRO services and builds on the deep expertise and execution culture of its team across all three locations.”

The Global Turboprop Battleground

The Pratt & Whitney Canada PT6A is one of the most prolific and versatile turboprop engines in aviation history, powering everything from business and utility aircraft to regional airliners and military trainers. Consequently, the MRO aftermarket for this engine family is massive, highly competitive, and fiercely contested between independent MRO providers and Original Equipment Manufacturer (OEM) Designated Overhaul Facilities (DOFs).

Independent repair stations like ATS compete vigorously against OEM-authorized networks by capitalizing on flexibility, cost-effectiveness, and speed. Turnaround times (TAT) are the lifeblood of fleet operators; every day an aircraft sits in a hangar waiting for an engine overhaul is a day of lost revenue. ATS has carved out its market share over 50 years by focusing exclusively on the PT6A family, developing deep, specialized expertise that allows for rapid turnaround times and tailored solutions that heavily bureaucratic OEM facilities often struggle to match.

Furthermore, independent MROs are uniquely positioned to offer operators a wider range of alternative parts, which can significantly reduce the overall cost of an overhaul. As global supply chain pressures continue to mount and aircraft fleets age, operators are increasingly seeking out independent providers who can source reliable parts quickly and maintain legacy engines without the premium pricing associated with proprietary OEM components.

Expanding the Global Footprint and Future Acquisitions

To effectively compete on a global scale, ATS has been rapidly expanding its international footprint. The company's operations are anchored by its PT6A center of excellence in Mathis, Texas, but its reach extends far beyond North America.

A key component of the December 2025 McNally Capital acquisition was the integration of Turbine Engine Maintenance Repair and Overhaul (TEMRO) in Johannesburg, South Africa, as a wholly owned operating subsidiary. TEMRO provides certified engine maintenance and aftermarket services, giving ATS a critical foothold on the African continent. Additionally, ATS operates maintenance centers and field support in Malaysia to service the vital Asia-Pacific region, alongside a sales and technical support office in Guatemala covering Latin America.

Regulatory compliance is the bedrock of this global strategy. ATS maintains a stringent matrix of certifications, including approvals from the Federal Aviation Administration (FAA), the European Union Aviation Safety Agency (EASA), and numerous country-specific Civil Aviation Authorities (CAA) and Directorates General of Civil Aviation (DGC).

Looking ahead, the newly installed C-suite will be tasked with executing an aggressive growth mandate. Organic growth priorities include capturing market share across a broader range of PT6 variants, expanding international field repair capabilities, and bringing more accessory, component, and specialty repairs in-network to control costs and turnaround times.

Simultaneously, ATS expects to be highly acquisitive. The leadership team is actively pursuing strategic acquisitions designed to deepen the company's repair capabilities and expand its alternative part options. By broadening its coverage of mature engine families and integrating new technologies into its MRO processes, ATS aims to cement its status as the premier independent aviation services platform for the global turboprop market.