Tronair Inc., a portfolio company of Levine Leichtman Capital Partners, has closed its buy of WASP Inc‘s commercial towbar and tailstand product lines. No financial terms were disclosed. WASP provides ground support equipment for the aerospace sector.
LOS ANGELES, CA–(Marketwired – Jan 26, 2015) – Levine Leichtman Capital Partners (“LLCP”), a Los Angeles-based private equity firm, announced that Tronair, Inc. ( http://www.tronair.com ), a portfolio company of Levine Leichtman Capital Partners IV, L.P., has successfully completed the strategic acquisition of the commercial towbar and tailstand product lines of WASP, Inc., a provider of non-powered ground support equipment (“GSE”) for the aerospace industry.
The addition of the commercial towbar and tailstand product lines will expand Tronair’s product portfolio to better support its growing customer base in the commercial aerospace market. Tronair will also leverage its broad distribution network to bring these towbars and tailstands into new markets. The product lines will be sold under the “Tronair” brand and manufactured at Tronair’s headquarters in Holland, Ohio.
Lauren Leichtman, co-founder and CEO of LLCP, commented, “We are always looking for ways to enhance the value of our companies. The acquisition of WASP’s commercial towbar and tailstand product lines is a logical extension of Tronair’s product portfolio. This highly accretive transaction will further cement Tronair’s dominant market position in the GSE industry.”
Harley Kaplan, Tronair’s president and CEO, commented, “We are excited to add these well-respected product lines to our existing portfolio of towbars and tailstands. WASP shares Tronair’s organizational commitment to quality, making these products a seamless fit into our organization. Tronair will be able to serve WASP’s customers without any interruption in service.”
Tronair, based in Holland, Ohio, is the global leader in the design, manufacture, and sale of ground support equipment (“GSE”) for business, commercial and military aircraft. Tronair’s broad and innovative product line of GSE, comprised of over 1,000 SKUs, is used by over 300 unique aircraft platforms. Tronair is the market leader in its core products and market segments, serving leading aircraft OEMs (e.g., Bombardier, Gulfstream, Embraer, Boeing and Airbus), fixed based operators, maintenance and repair providers, corporate hangars, commercial airlines, defense contractors and military airbases around the world.
About Levine Leichtman Capital Partners
LLCP is a Los Angeles, California-based private investment firm that has managed approximately $7.0 billion of institutional capital since its inception. LLCP invests in middle market companies located in the United States and Europe. LLCP invests its capital through private equity partnerships and various debt and leveraged loan funds. LLCP is currently making new investments through Levine Leichtman Capital Partners V, L.P., Levine Leichtman Capital Partners SBIC Fund, L.P., Levine Leichtman Capital Partners Private Capital Solutions, L.P. and Levine Leichtman Capital Partners Europe, L.P. Prior investments by Levine Leichtman Capital Partners include Santa Cruz Nutritionals, CiCi’s Pizza, Hackney Ladish, and Jon Douglas Real Estate Group. LLCP has offices in Los Angeles, New York, Dallas, Chicago, London and The Hague.