OKLAHOMA CITY, Sept. 26, 2016 /PRNewswire/ -- Acorn Growth Companies, a private equity firm investing exclusively in Aerospace & Defense, announced Monday it has acquired aircraft innovation leader, Raisbeck Engineering Inc. headquartered in Seattle, WA.
Founded in 1982 by aeronautical engineer and entrepreneur James D. Raisbeck, Raisbeck Engineering develops, markets and manufactures worldwide-certified performance improvement systems for some of the most prolific commercial and general aviation aircraft models in the market today.
"Thanks to James Raisbeck's vision and the dedication of his team, Raisbeck Engineering is one of the most prominent names in the aviation community, with an exceptional reputation for its innovative contributions to the industry," said Rick Nagel, Managing Partner of Acorn Growth Companies. "We have a common mission and passion to support the aviation community by delivering the very best in relevant technology advancements, and I couldn't be more proud of this partnership."
"For the last 35 years, we've been uniquely positioned to deliver advanced technologies to improve the performance, utility and safety of aircraft. We decided to partner with Acorn Growth Companies because we strongly believe that together we can continue to build on our legacy of delivering innovative products while growing our footprint beyond the markets we serve today," said James Raisbeck, Founder and Chairman of Raisbeck Engineering.
Under the agreement, Raisbeck Engineering will continue to operate under its distinct brand and build upon its long-standing track record of delivering its current suite of engineered products while seeking to leverage distribution channels for other products that complement and meet Raisbeck's performance standards. Through this partnership, the company also intends to broaden future performance systems by expanding into additional aircraft platforms. James Raisbeck will remain with the company, as Chairman, while the company's CFO, Tony Armstrong, will serve as the interim CEO with the existing executive team staying in place.
This is Acorn Growth Companies' first acquisition under its fourth private equity fund. Details of transaction were not disclosed. Participating parties included Congruent Investment Partners, Independent Bankers Capital Funds, Omega Capital and Arvest Bank.
About Raisbeck Engineering
Raisbeck Engineering continues in the tradition of its founder, dedicated to the improvement in performance and productivity of business and commercial aircraft through the infusion of advanced technology into in-service and new production aircraft. For more information about Raisbeck Engineering and our products visit: www.Raisbeck.com
About Acorn Growth Companies
Acorn Growth Companies was founded to provide an alternative to the traditional private equity firm interested solely in opportunistic transactions and exit strategies. From the beginning, the firm has maintained its core focus of achieving superior, long-term returns for its investors by investing exclusively in aerospace and defense companies that strive to keep our nation safe and enable global mobilization. The firm's operational and collaborative philosophy, founded in a relentless drive to create organic value and meet collective objectives with the companies they work with, has enabled it to become the firm of choice amongst the aerospace and defense industry. www.AcornGrowthCompanies.com
About Congruent Investment Partners
Congruent manages investment funds with long term capital that make lower middle market mezzanine and equity investments of $5.0mm to $40.0mm across a broad range of industries. Congruent is a proven partner for banks, operators, and sponsors that need flexible and creative capital solutions. www.congruentinv.com
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SOURCE Acorn Growth Companies