TD, Huntington Provide Financing for Weinberg & Bell Acquisition
Weinberg & Bell Group (WBG) announced the acquisition of Londonderry, New Hampshire-based AeroRepair, Corp. and Hemico, Inc. (referred to as AeroRepair). The business was purchased for an undisclosed price and will be owned by a group of private investors led by WBG and the former owners of the business, who will remain in place as senior management and investors.
Current senior lender TD Bank, of Manchester, NH and Huntington Capital Investment Company based in Columbus, OH provided financing for the transaction.
Founded in 1994, AeroRepair is a Federal Aviation Administration (FAA) certified repair station specializing in the repair and overhaul of brake assemblies, wheel assemblies and landing gear for regional airlines, corporate airlines and military aircraft. The company also manufactures for internal consumption and outside sales a line of replacement or modified aircraft parts under an FAA Parts Manufacturer Approval (PMA) certification. In addition, AeroRepair maintains a large pool of rotable assets, or critical aircraft components that are available on an exchange basis to facilitate time-sensitive repairs.
AeroRepair represents the third aerospace investment for the principals of WBG. The acquisition builds on the firm’s successful track record with Hawk Corporation, a former Cleveland-based manufacturer of friction products for aircraft, industrial and specialty markets sold to Carlisle Companies Inc. in 2010; and Cargo Airport Services, a New York, NY-based international air cargo handling company sold to ICV Capital in 2011.
“We are very pleased to be partnering with the former majority owners of AeroRepair,” stated Daniel M. Bell, managing director at WBG. “These gentlemen have built a nationally recognized business and we look forward to utilizing our aviation expertise and relationships to expand and enhance the company’s geographic reach, capabilities and customer base.”
WBG is a Cleveland, Ohio-based private equity group that acquires controlling interests in well-positioned middle-market companies.