AirReady MRO Services, Inc. Announces Acquisition of Broadwing Air Repair
Partnership among management, Cotton Creek Capital, and The Stony Point Group through the entity AirReady MRO Services, Inc. positions the company for significant growth
Dallas, Texas - October 10, 2011 - Cotton Creek Capital announced today that it and its coinvestors have completed the acquisition of Melbourne, Arkansas-based Broadwing Air Repair LLC. Broadwing is a licensed Federal Aviation Administration and European Aviation Safety Agency Part 145 Repair Station specializing in composite and metallic structural repairs and overhaul solutions to the commercial, regional and military aviation markets.
AirReady was formed by investors Cotton Creek Capital and Stony Point Group in partnership with Broadwing management as a vehicle to execute an acquisition and growth strategy in the aviation maintenance, repair and overhaul (“MRO”) industry. Broadwing represents AirReady’s initial acquisition and will form the core of its structural repair operations. The Broadwing transaction represents the second investment in which Cotton Creek and Stony Point have partnered following the acquisition of Fort Worth, Texas-based Graco Holdings, Inc. in March 2011.
The transaction closed on October 7, 2011.
About Cotton Creek Capital
Cotton Creek Capital is a Dallas-based private equity firm focused on investing in and growing established lower middle market companies in manufacturing, value-added distribution, industrial services, energy, business services, healthcare services and consumer staples. The firm invests in companies with enterprise values between $15 million and $200 million through transactions ranging from buyouts, recapitalizations, buy-and-builds, and corporate divestitures to selected minority investements. Cotton Creek Capital is affiliated with Brownlie & Braden, LLC, a provider of financial advisory services to high net worth families for over 20 years. For further information, visit Cotton Creek’s website at www.cottoncreekcapital.com.
About Stony Point Group
The Stony Point Group is a private equity and management firm located in Asheville, N.C. that focuses on middle market companies in the aerospace, defense and industrial sectors. Stony Point's portfolio includes the TECT family of businesses, comprised of TECT Power and TECT Aerospace. TECT Power manufactures critical rotating components for aero and industrial gas turbines. TECT Aerospace manufactures structural and mechanical assemblies for commercial, military and general aviation aircraft. You can learn more about Stony Point and the TECT family of businesses at www.StonyPoint.com and www.TECTcorp.com.
About Broadwing Air Repair
Broadwing Air Repair was founded in 2007 by senior management and employees of Boeing’s regional warranty repair operations. Broadwing’s experienced technicians and advanced equipment enable the Company to provide its customers fleet management solutions across a breadth of aircraft types. For more information, visit Broadwing’s website at www.broadwingrepair.com.