MIAMI, FL – (March 5, 2008) – Trivest Partners, L.P. (“Trivest”) today announced the sale of Avborne Heavy Maintenance, Inc. (“Avborne” or the “Company”) to AAR Corp. (NYSE: AIR). Avborne was a portfolio company of Miami based Trivest Partners. Other shareholders included Allied Capital and PNC Equity.
Avborne, based in Miami Florida, is a leading independent provider of aircraft heavy maintenance checks, modifications and cargo conversions, installations and paint services to legacy and low cost airlines, leading cargo carriers and major aircraft leasing corporations. The Company has unparalleled personnel expertise and customer relationships in performing aircraft heavy maintenance checks for narrow and wide-body aircraft for leading express mail, air cargo and passenger airline markets.
Troy Templeton, Trivest’s Managing Partner said, “The sale of Avborne caps the conclusion of a successful partnership. Under Trivest’s ownership, Avborne was able to execute its long-term business plan and drive growth and shareholder value. We would like to thank Allied Capital and PNC Equity for their support of this transaction. In addition, the entire Avborne management team, led by Jim Martin, deserves a great deal of credit for the Company’s success.”
Jim Martin, Avborne’s President stated, “This successful outcome serves as an excellent example of what can happen when the stakeholders’ interests are properly aligned. I wish to thank the shareholders for their support which allowed management the opportunity to execute the business plan.”
Trivest Partners, L.P., a private investment firm, is a leading provider of equity for lower middle-market corporate acquisitions, recapitalizations and growth capital financings. Since its founding in 1981, Trivest has sponsored more than 145 acquisitions and recapitalizations, totaling more than $3.5 billion in value.