PNC Riverarch Capital has acquired a controlling interest in Precision Aviation Group (PAG), a provider of aviation maintenance, repair and overhaul services, from Florida Capital Partners.
PAG provides comprehensive supply chain and Inventory Supported MRO services for instruments, avionics and accessories for a variety of fixed-wing and rotary-wing aircraft. The company was founded in 1993 and serves over 3,000 customers in 62 countries. PAG is headquartered in Atlanta with facilities in Vancouver, BC; Long Beach, CA; Peachtree City, GA; Lafayette, LA; and Brisbane, Australia (www.precisionaviationgroup.com).
The acquisition of PAG by PNC Riverarch Capital was led by Michael Hand, managing director; Michael Rost, managing director; Robert Dolan, senior associate; and David Poss, associate. Messrs. Hand, Rost and Dolan will serve on the PAG Board of Directors.
Senior debt for the transaction was provided by Fifth Third Bank and subordinated debt was provided by BB&T Capital Partners Mezzanine.
PNC Riverarch Capital is a middle-market private equity group that invests in privately-held companies headquartered throughout North America. It seeks to invest $10 million to $50 million per transaction in support of recapitalizations, leveraged and management buyouts, corporate divestitures, and growth financings. Sectors of interest include outsourced services, specialized manufacturing, and value-added distribution. Since 1982, PNC Riverarch and its predecessors have provided over $1 billion in capital to more than 100 companies. The firm is based in Pittsburg, PA. PNC Riverarch Capital is a division of PNC Capital Finance, which is a wholly owned indirect subsidiary of The PNC Financial Services Group (www.pnc.com).
© 2012 PEPD • Private Equity’s Leading News Magazine • 12-20-12
