The private-equity owners of AerSale (NASDAQ: ASLE) have sold down their stake, putting shares of the aerospace maintenance and parts distribution company under pressure. Shares of AerSale traded down as much as 11.6% on Wednesday after the secondary offering was announced.

AerSale engages in the sale, lease, and exchange of used aircraft, engines, and components, as well as providing a range of maintenance, repair, and overhaul services to aviation customers. The company was founded in 2008 and was private equity owned from 2010 until going public in late 2020 via a merger with a special purpose acquisition company (SPAC).

Its private-equity owner, Leonard Green & Partners, retained part of its stake, holding 34.3% of shares and controlling two board seats as of April. But private equity by nature is not a long-term holder, and the firm is beginning to monetize its stake.

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Source Fool.com