Acorn Growth Companies has acquired a majority stake in UK-based Aerospares, a provider of rotable parts for commercial aircraft. No financial terms were disclosed.
OKLAHOMA CITY–(BUSINESS WIRE)–Acorn Growth Companies (“AGC”), a private equity firm investing exclusively in aerospace, defense and intelligence, announced today the acquisition of a majority interest in Aerospares 2000 Ltd. (“Aerospares” or the Company), a full-service aftermarket supplier and distributor of rotable parts for commercial aircraft. Aerospares specializes in identifying, procuring, and stocking the most demanded and hard-to-find rotables, with a focus on minimum equipment list parts that are ready to ship 24/7 from the Company’s facility in greater London. As a result, approximately 90% of Aerospares’ sales are in support of aircraft on ground (“AOG”) situations.
“Aerospares is a leader in the aerospace aftermarket with a highly differentiated focus on supporting its customers’ AOG needs with highly-demanded, yet hard-to-find material. This is demonstrated by its blue chip customer base and unparalleled reputation for superior customer service, quality, and on-time delivery,” said Rick Nagel, managing partner of Acorn Growth Companies. “Aerospares is a strategic investment and a tremendous platform for growth in the aerospace aftermarket. We believe that Aerospares’ growth will be further enhanced by the partnership with AGC and the resources that we can add to this remarkable company and management team.”
Adam Nemenyi, Aerospares’ founder, will remain Chief Executive Officer and retain a significant ownership position in the Company.
“Founded at the turn of the millennium, Aerospares has established itself as a market leader in supporting its broad customer base of some of the world’s largest airlines, MROs, OEMs and aftermarket suppliers,” Nemenyi said. “Having recently moved into a spacious, state-of-the-art facility, we are excited to team-up with an exceptional partner such as AGC, which brings an unmatched network and reputation. Together, we believe we can expand our business and offer enhanced support to our global customer base in our current locations, as well as through geographic expansion.”
With its headquarters in Watford, England within close proximity to all of London’s major airports, Aerospares is perfectly situated to support customers in all corners of the globe.
“There are incredible growth opportunities with this partnership, not only in Europe, but with geographic expansion into the U.S. market,” Nagel said. “We plan to provide the capital and resources necessary for Aerospares to continue to support the AOG needs of its customers worldwide. Our partnership will augment the company’s strong track record and the breadth of material stocked to accelerate its progress to the next level of growth.”
Terms of the transaction were not disclosed.
Acorn Growth Companies is a middle market private equity firm focused exclusively on Aerospace, Defense and Intelligence. Acorn invests solely in operating companies that strive to enhance global mobility and protect national interests. Acorn has a formidable reputation in the industry and is recognized for its deep understanding of the Aerospace & Defense markets, with proprietary access to the best companies within these sectors. With operational expertise and its ability to lead and manage investments through variable economic and industry cycles, Acorn works in tandem with management to build its portfolio companies into significant market leaders. AcornGrowthCompanies.com
Aerospares 2000 Ltd. has achieved year over year growth and an industry-wide reputation as one of the foremost suppliers of aircraft spare-parts. The company supports more than 350 customers world-wide, including many of the world’s leading airlines, cargo operators, leasing companies and MROs who have entrusted Aerospares 2000 to provide around the clock spare-parts support. Aerospares 2000.com