AllClear Aerospace & Defense Completes Comprehensive Recapitalization to Position Company for Next Phase of Growth and Profitability

AllClear Aerospace & Defense, a leading global distributor of critical aftermarket components for military aircraft, announced today the closing of a consensual restructuring among its financial stakeholders that will significantly deleverage the company’s balance sheet and provide an infusion of new funds by the Senior Lenders to support the company’s next phase of growth and profitability. As part of the transaction, majority ownership of the company will transfer to the Senior Lenders, which are comprised of major global financial institutions. The recapitalization and ownership transition has received unanimous support from AllClear’s financial stakeholders and has also received all required regulatory approvals from the U.S. government.

James Marceau, an aerospace industry veteran with over 30 years of experience, has been appointed by AllClear’s Board of Directors as Interim Chief Executive Officer during the transition phase while a global recruiting firm retained by the board has commenced a search for a full-time CEO. Greg Beason, AllClear’s CEO since 2021, has been named Senior Advisor to the company.

Said Marceau, “AllClear provides over 20,000 unique mission critical SKUs to its over 200 aerospace and defense customers around the world. AllClear keeps legacy military aircraft fleets operational by distributing to, and manufacturing and repairing components for global customers, and remains well positioned to capitalize on the growing defense aftermarket demand. The company has earned a solid reputation over many years as a trusted partner to military institutions who rely on our quality, responsiveness, and breadth of product and capabilities. Our best-in-class employees look forward to continuing and improving outstanding customer service following the company’s ownership transition.”

A new Board of Directors has been appointed following the closing of the transaction to oversee the company and represent the interests of the financial stakeholders. In addition to Marceau, the new directors are:

• Jame Donath has been named Chairman of the Board. He is a seasoned investor, advisor, and corporate director experienced in helping reorganized companies address financing, M&A, and other strategic initiatives. Donath spent more than 20 years as an investor in corporate credit opportunities where he regularly led complex restructurings across the United States, Europe, and Asia Pacific. He was the Founder and Managing Partner of Magnolia Road Capital, a global event-driven credit fund, and a Managing Director at Davidson Kempner Capital Management in New York and London where he launched and oversaw the firm's European credit business. Donath started his career in the investment banking division of Goldman, Sachs & Co.

• Ian Reason is an accomplished executive with 45 years of experience in aerospace and defense. He was most recently a Senior Vice President of Barnes Group and President of Barnes Aerospace, where he oversaw a $1 billion P&L comprising OEM, MRO, and revenue sharing business across 15 global locations. He has also held senior roles with Triumph Group, where he was President of Mechanical Solutions, Interiors and Structures, and BAE Systems, where he spent 12 years in various strategic and general management positions. Reason started his career in the UK Royal Navy, where he spent over 20 years as a commissioned officer specialized in Aircraft Engineering.

Donath commented: “The closing of the consensual restructuring marks a critical milestone in AllClear’s growth trajectory. The additional financial support being provided by the Senior Lenders as part of the recapitalization is a clear vote of confidence in the company’s business model and ongoing transformation plan. As such, this transaction sends a strong signal to our partners, customers, and suppliers around the world that AllClear remains well positioned and well resourced as the recognized industry leader in the defense aftermarket.”

About AllClear Aerospace & Defense

AllClear Aerospace & Defense is the military aviation aftermarket industry’s leading provider of mission ready solutions. We provide excellence in sustainment for the U.S. militaries and its allies. Headquartered in Miramar, Florida, AllClear’s sustainment solutions cover the most utilized military aircraft platforms, supported with distribution agreements from leading OEMs, in-house and managed repair services, engineered products, manufacturing, and logistics solutions.

AllClear represents more than 30 years of defense aerospace sustainment experience and expertise, focused on the bigger mission mindset of keeping militaries mission ready. AllClear locations include Abu Dhabi, UAE; Camarillo, CA; Cambridge, UK; Greenville, SC; Macon, GA; Miramar, FL; Seoul, S. Korea; South San Francisco, CA; and Tokyo, Japan. To learn more visit GoAllClear.com.

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