Denver-based buyout firm KRG Capital Partners has sold Tronair Holdings. Tronair is a manufacturer of ground support equipment for business, commercial and military aircraft. KRG acquired Tronair in February of 2008 and the sale represents KRG’s second full exit from its $1.96 billion Fund IV.
KRG Capital Partners (KRG), a Denver-based buyout firm, completed the sale of Tronair Holdings, Inc. (Tronair). Tronair is a leading manufacturer of ground support equipment (GSE) for business, commercial and military aircraft. KRG acquired Tronair in February of 2008, and the sale represents KRG’s second full exit for its $1.96 billion Fund IV. KRG’s limited partner investors will achieve a compelling return from the four-year investment.
“The Tronair management team has done an outstanding job building the leading GSE brand in the business aviation market, as well as expanding strategically into both the commercial and military end markets,” said Steve Neumann, a Managing Director at KRG Capital Partners. “Tronair is well-positioned to continue to outperform the market through its broad product line offering, best-in-class engineering, and experienced leadership team. We wish Ken Greene and the rest of the team all the best going forward.”
“Tronair achieved exceptional growth during our partnership with KRG”, stated Ken Greene, President and Chief Executive Officer of Tronair. “KRG was particularly instrumental in facilitating the development of our sales team, a key reason Tronair remains at the forefront of the GSE industry.”
Houlihan Lokey served as the financial advisor and Morrison & Foerster, LLP served as the legal advisor to KRG and the other Tronair shareholders in the transaction.
Founded in 1971, Tronair is a leader in the design and manufacture of GSE for business, commercial, and military fixed-wing and rotary-wing aircraft. With over 1,000 SKUs, Tronair has one of the broadest and most innovative product ranges in the GSE market.
Founded in 1996, KRG is a Denver based private equity buyout firm with $4.3 billion of cumulative capital either deployed or available for future investment, which includes approximately $1 billion deployed since inception on behalf of equity co-investors. The firm seeks investment opportunities for its partners where KRG can work in concert with owners and operating managers who are committed to expanding their companies and becoming industry leaders. The result is a partnership that focuses on creating a significantly larger enterprise through a combination of internal growth and complementary add-on acquisitions. Since inception, KRG has invested in 41 platform companies and has completed 128 add-on acquisitions for those platforms.