CAMP Systems: Building A Market-Leading Company Through Strategic Acquisitions
July 8, 2017
GTCR actively tracked the evolution of CAMP Systems for years given its critical role in the business aviation ecosystem and our knowledge of the sector with our investment in Landmark Aviation. GTCR ultimately partnered with executives Ken Gray (CEO) and Vibby Gottemukkala (COO) as part of the acquisition of CAMP in 2012. Ken and Vibby were accomplished industry veterans who led the transformation of CAMP from a paper-based provider of aircraft maintenance information with limited market share in 2000 to a SaaS solution with a leading market position and nearly ubiquitous OEM relationships. Ken and Vibby had a history of value creation and had executed successful exits for two prior owners.
CAMP is the industry standard for aircraft maintenance tracking with an attractive business model characterized by low churn, strong pricing, high visibility and strong cash flow. GTCR’s unique insight and experience in the business aviation sector not only helped us understand management’s vision for growth but also inspired ideas on potential organic and inorganic opportunities that fell outside of CAMP’s roadmap.
While the management team first focused on ensuring the continued execution of the core business, the pursuit and execution of additional growth vectors was a critical initiative under GTCR ownership. After completing the acquisition of competitor AvTrak, CAMP management then expanded the Engine Condition Trend Monitoring (ECTM) offering through the strategic acquisitions of the Trend Group and Honeywell’s ECTM business.
With the ECTM business at scale, management turned their focus to leveraging CAMP’s critical role in the business aviation ecosystem to better service aircraft maintenance and repair centers. Through CAMP’s acquisitions of CORRIDOR and Component Control, the business expanded its addressable market by providing workflow software that offers deep integration between CAMP’s aircraft maintenance data and repair center ERP systems.
Throughout the investment, Ken and Vibby also continuously pursued additional OEM partnerships. Over the first 3 years of GTCR ownership, CAMP added 5 additional OEM airframes before expanding into helicopters with a landmark partnership with Bell in November 2015. In 2016, CAMP partnered with Gulfstream, the last remaining major fixed wing OEM not on the CAMP network.
During GTCR’s partnership with Ken and Vibby, CAMP added 4,000 aircraft, 12,000 engines and 1,300 maintenance facilities across the globe while also maintaining strong organic growth outside of M&A activities and new OEM partnerships.
In December 2016, CAMP was acquired by The Hearst Corporation.