Trivest Partners Completes Sale Of Avborne Accessory Group To Sargent, A Division Of Dover Corporation
Miami, FL (January 26, 2005) Trivest Partners, L.P., today announced that it has completed the sale of Avborne Accessory Group, Inc. ("AAG" or the "Company") to Sargent, a division of Dover Corporation (NYSE: DOV), a Fortune 500 company. AAG, based in Miami FL, is a leading independent provider of aircraft overhaul and maintenance service to leading global passenger and cargo airlines. The shareholders of AAG, which include Trivest Partners, L.P., Allied Capital, PNC Equity and management, had led the recapitalization of the Company in the wake of the events of September 11, 2001 which enabled the Company to resume its growth and continue to grow market share.
Trivest Partner, Derek A. McDowell said, "This has been a very satisfying transaction for Trivest and the shareholders of the Company. Avborne's management team has built the leading independent aviation MRO during the worst economic conditions in the history of the airline industry. Sargent's strong level of interest is a great compliment to the value and market presence that Avborne has built. The sale of Avborne, which we first became involved with in 1997, is an excellent example of Trivest's strategy to enhance a company's value through financial support, product line expansion, management equity incentives and strategic acquisitions. We congratulate the management team, led by President Eduardo Montalvo, for the success achieved by the Company."
Mr. Montalvo said, "We are pleased to have completed a successful sale process and feel fortunate to have had Trivest as a partner for the past 7 years. Trivest has remained committed to assisting in the development of our business and providing the support necessary to overcome the events of 9/11, while allowing us to retain control of the day-to-day operations."
Trivest Partners, L.P. is a Miami-based leading provider of equity for middle market corporate acquisitions, recapitalizations, and growth capital financings. Since its founding in 1981, Trivest has sponsored 120 acquisitions and recapitalizations, totaling in excess of $2.0 billion in transactional value. Trivest is currently investing in middle market companies through our most recent institutional fund, Trivest Fund III, LP, with $316 million in capital commitments. Additional information is available on the Internet at www.trivest.com.
For more information:
Derek A. McDowell, Partner
Trivest Partners, L.P.
305-858-2200
©2008 Trivest Partners, L.P. All Rights Reserved.
