Weinberg & Bell Group Announces Acquisition of AeroRepair, Corp. and Hemico, Inc.
Acquisition Builds on Successful Aerospace Track Record
CLEVELAND, OH–(Marketwire – Mar 6, 2012) – Weinberg & Bell Group (“WBG”) announced today the acquisition of Londonderry, New Hampshire-based AeroRepair, Corp. and Hemico, Inc. (referred to as “AeroRepair” or the “Company”). 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.
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, Ohio-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, New York-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,” added Mr. Bell.
Al Sproul, one of AeroRepair’s founders and who will continue as President, said, “We are pleased with our affiliation with WBG and the role they will play in our growth plans. With their aerospace track record and support, we anticipate many years of success as we build upon the platform my partners and I established 18 years ago.”
AeroRepair will remain headquartered in Londonderry, New Hampshire, a community just outside of Manchester, New Hampshire. Financing for the transaction was provided by the current senior lender, TD Bank, N.A. of Manchester and Huntington Capital Investment Company based in Columbus, Ohio.
About Weinberg & Bell Group
WBG is a Cleveland, Ohio-based private equity group whose principals consist of Ronald E. Weinberg, Daniel M. Bell and Ronald E. “Chip” Weinberg, Jr. WBG acquires controlling interests in well-positioned middle market companies. WBG’s focuses on firms where the current ownership and management reinvest in the transaction, and management remains in place. Working closely with owners and management, WBG establishes a true partnership to determine the proper strategy to maximize the company’s growth opportunities. WBG invests in companies throughout North America with annual revenue from $15 to $120 million and EBITDA ranging from $2 to $15 million. The firm’s current portfolio covers a broad range of industries including manufacturing, business services, aviation services, financial services, consumer products, retail and value added distribution.