Private equity firm Levine Leichtman Capital Partners announced that Tronair, a portfolio company of Levine Leichtman Capital Partners IV, has successfully completed the strategic acquisition of Eagle Industrial Truck Manufacturing, a provider of tow tractors and tugs for commercial aviation and military customers.
Additionally, Tronair successfully completed a recapitalization. Proceeds of the transaction were used to pay a shareholder dividend, acquire Eagle Tugs and provide for ongoing working capital needs. The senior credit facility was provided by BMO Harris, Bank of Ireland and Madison Capital Funding.
Harley Kaplan, Tronair’s president and CEO, commented, “The Eagle Tugs acquisition expands Tronair’s capabilities in the highly complementary tug market, providing our clients a wider product offering of industry leading GSE. Our customers will truly benefit from the combination of two companies who are similarly committed to quality, innovation and customer service. We will remain active in pursuing additional acquisition opportunities that complement our focused growth strategy.”
Holland, OH-based Tronair is the global leader in the design, manufacture and sale of ground support equipment for business, commercial and military aircraft.