Aero 3, a portfolio company of Weinberg Capital Group, has acquired Accessory Overhaul Group, a Federal Aviation Administration (FAA) and European Aviation Safety Agency (EASA) certified repair station.
Aero 3 was formed by Weinberg Capital Group in 2012 to acquire AeroRepair Corp., which specializes in the repair and overhaul of regional and corporate aircraft brakes, wheel assemblies and landing gear, and Hemico, a manufacturer of replacement or modified aircraft parts. The two sister companies have facilities in Londonderry, NH and Indianapolis, IN (www.aerorepaircorp.com).
Accessory Overhaul Group (AOG) specializes in the repair and overhaul of aircraft brakes and wheel assemblies as well as starter generators, batteries, oxygen canisters and related aircraft components. AOG serves similar markets as AeroRepair but also performs repair and overhaul services for Boeing and Airbus aircraft. This will provide Aero 3 access to the growing market for narrow and wide body aircraft. Over the next several months, AOG will be integrated into Aero 3 and rebranded AeroRepair. AOG is headquartered south of Atlanta in Griffin, GA and has an additional facility in Phoenix, AZ (www.aogatlanta.com).
“The acquisition of AOG represents a further extension of the maintenance capabilities of Aero 3. It will provide a host of new customers, increased services and aircraft models and geographic opportunities for the company,” said Ronald (Chip) Weinberg, Jr., Managing Director & Principal. “We look forward to integrating the businesses as we continue to build Aero 3 into a globally-recognized leader in aircraft maintenance.”
Weinberg Capital Group specializes in acquiring middle-market companies that are based in North America and have annual revenues from $15 million to $100 million and EBITDAs ranging from $2 million to $10 million. Sectors of interest include manufacturing, business services, medical and healthcare, aviation services, consumer products, and value-added distribution. Weinberg Capital Group is based in Cleveland (www.weinbergcap.com).
“Through this acquisition, Aero 3 will go from two to four strategically located facilities throughout the United States and will expand our aircraft and accessory repair and overhaul capabilities,” said Daniel Bell, CEO of Aero 3. “Together with our logistics expertise, AeroRepair will be positioned to provide our best-in-class services to the largest metropolitan areas where the majority of aircraft maintenance bases are located.
Weinberg Capital Group is seeking additional add-on opportunities for Aero 3. Add-on candidates would be active in the repair and overhaul of aircraft brakes, wheel assemblies, landing gear and other mechanical and hydraulic components. Also of interest are businesses involved in the manufacture and distribution of PMA parts (a PMA – Parts Manufacturer Approval – is an approval granted by the Federal Aviation Administration to a manufacturer of aircraft parts).
© 2015 PEPD • Private Equity’s Leading News Magazine • 8-7-15
