PNC Riverarch Capital Acquires Precision Aviation Group
PNC Riverarch Capital announced the acquisition of a controlling interest in Precision Aviation Group, Inc. (PAG), a provider of aviation maintenance, repair and overhaul services. Senior debt for the transaction was provided by Fifth Third Bank and subordinated debt was provided by BB&T Capital Partners Mezzanine. PAG was previously a portfolio company of Florida Capital Partners.
Founded in 1993, PAG provides comprehensive supply chain and Inventory Supported MRO services (ISMRO) for instruments, avionics and accessories for a variety of fixed-wing and rotary-wing aircraft. Serving over 3,000 customers in 62 countries, the company is headquartered in Atlanta, with facilities in Vancouver, BC; Long Beach, CA; Peachtree City, GA; Lafayette, LA; and Brisbane, Australia.
The transaction for PNC Riverarch Capital was led by Michael Hand, managing director; Michael Rost, managing director; Robert Dolan, senior associate; and David Poss, associate. Hand, Rost and Dolan will serve on the PAG Board of Directors.
PNC Riverarch Capital is a middle-market private equity firm which invests in privately held companies headquartered in North America. PNC Riverarch Capital is a division of PNC Capital Finance.