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Acorn Growth Companies LC Announces Acquisition of Avionics Company

Dépèche transmise le 15 février 2011 par Business Wire

Acorn Growth Companies LC Announces Acquisition of Avionics Company

OKLAHOMA CITY--(BUSINESS WIRE)--Acorn Growth Companies LC, the aerospace and defense-focused private equity firm, announced that the company is adding the Kirkpatrick Electronics business to its portfolio of companies.

“This acquisition marks the start of a busy year for us as we work to close a number of acquisition opportunities augmenting our aerospace MRO, Integrated Defense, and Composites portfolios.”

“We’re pleased to welcome Kirkpatrick Electronics,” commented Rick Nagel, partner at Acorn Growth Companies. “This acquisition marks the start of a busy year for us as we work to close a number of acquisition opportunities augmenting our aerospace MRO, Integrated Defense, and Composites portfolios.”

Specific details regarding the transaction were not disclosed. The assets of Kirkpatrick Electronics were purchased by Valair Aviation and the purchased business will be marketed as Valair – Kirkpatrick Avionics going forward.

“This is a positive move for Kirkpatrick,” said Dennis Kirkpatrick, owner and president of the company. “I wanted to ensure the new owners would hold the same focus on customer satisfaction and quality management as I have. After evaluating a number of offers, I felt that Acorn Growth Companies provided the best opportunities and synergies for us when combined with Valair.”

Valair Aviation, the maintenance, repair and overhaul operating entity of Acorn, supports business, general aviation, and military customers. The addition of Kirkpatrick increases Valair’s footprint, provides immediate capacity, and leverages expertise in several electronics and avionics growth sectors.

“Kirkpatrick helps us expand our avionics base, which is critical as the trend of upgrading to glass cockpits and advanced radars and sensors continues,” stated Jeff Snyder, Valair president. “The company has a forty-year history of providing very complex electronic integration services that will dovetail perfectly with our existing business lines.”

Kirkpatrick Electronics has been a leader in providing avionics component test, evaluation and repair, cockpit upgrades, in-flight entertainment systems, and antenna, sensor, and radar installation services. More recently, the company has supported a number of intelligence, surveillance, and reconnaissance integrations, including the installation of satellite communication and data transmission systems.

“There are fewer and fewer experienced avionics technicians left to service an exploding array of requirements,” remarked Snyder. “As these systems develop in complexity and become more commonplace in the market, expertise will be a key differentiator for MRO’s like Valair.”

ABOUT VALAIR – KIRKPATRICK AVIONICS

Kirkpatrick Avionics, a division of Valair Aviation, is an FAA-approved repair station located at the Max Westheimer Field in Norman, Oklahoma. The company provides avionics equipment and installation services for a variety of aircraft types from single engine to large corporate jets.

ABOUT VALAIR AVIATION

Valair, an FAA Part 145 repair station, functions as a turnkey maintenance, repair, and overhaul company for private, public, and military aircraft. The company specializes in heavy maintenance, avionics, interiors, and painting and also serves as an FBO at the Wiley Post Airport in Oklahoma City, Okla. The company operates within the Integrated Defense Group of AGC Aerospace & Defense.

ABOUT AGC AEROSPACE & DEFENSE

AGC Aerospace & Defense, the operating portfolio of private equity group Acorn Growth Companies, is a global supplier of technologies, systems and services that support key commercial and military programs. Capabilities within the AGC Aerospace & Defense portfolio range from financing, engineering, and integration services to manufacturing, logistics, and aircraft modifications.

For information: www.valairaviation.com, www.agcaerospace.com