CLEVELAND, Aug. 6, 2015 /PRNewswire/ -- Weinberg Capital Group ("WCG") and its portfolio Company, Aero 3, Inc. ("Aero 3" or the "Company"), announced today the acquisition of Accessory Overhaul Group, Inc. ("AOG"). Aero 3 is a holding company formed in 2012 to acquire AeroRepair Corp. ("AeroRepair") and Hemico, Inc. ("Hemico"), sister companies headquartered in Londonderry, New Hampshire with a second facility in Indianapolis, Indiana. AeroRepair is a Federal Aviation Administration ("FAA") and European Aviation Safety Agency ("EASA") certified 145 repair station and machine shop that specializes in the repair and overhaul of regional and corporate aircraft brakes, wheel assemblies and landing gear. Hemico manufactures replacement or modified aircraft parts under an FAA Parts Manufacturer Approval ("PMA") certification.
Based in Griffin, Georgia with an additional facility in Phoenix, Arizona, AOG is an FAA and EASA certified 145 repair station with Accessory Class 1, 2 and 3 ratings that specializes in the repair and overhaul of aircraft brakes and wheel assemblies as well as starter generators, batteries, oxygen canisters and related aircraft components. AOG serves similar markets as AeroRepair but also performs repair and overhaul services for Boeing and Airbus aircraft. This will provide Aero 3 access to the growing market for narrow and wide body aircraft. Over the next several months, AOG will be integrated into Aero 3 and rebranded AeroRepair.
Commenting on the acquisitions, Daniel M. Bell, CEO of Aero 3, stated, "Through this acquisition, Aero 3 will go from two to four strategically located facilities throughout the United States and will expand our aircraft and accessory repair and overhaul capabilities. Together with our logistics expertise, AeroRepair will be positioned to provide our best-in-class services to the largest metropolitan areas where the majority of aircraft maintenance bases are located. Our enhanced presence and "one-stop shop" approach will make us an even more attractive solution for our customers' maintenance needs."
Ronald E. (Chip) Weinberg, Jr., Managing Director & Principal at Weinberg Capital Group added, "The acquisition announced today represents a further extension of the maintenance capabilities of Aero 3. It will provide a host of new customers, increased services and aircraft models and geographic opportunities for the Company. We look forward to integrating the businesses as we continue to build Aero 3 into a globally-recognized leader in aircraft maintenance."
WCG is actively seeking additional add-on opportunities for Aero 3. Opportunities of interest include businesses involved in the repair and overhaul of aircraft brakes, wheel assemblies, landing gear and other mechanical and hydraulic components. Businesses involved in the manufacture and distribution of PMA parts are also of interest.
Weinberg Capital Group
WCG is a Cleveland, Ohio based private equity group whose principals consist of Ronald E. Weinberg, Ronald E. (Chip) Weinberg, Jr., John E. Herman and Cameron S. Miele. WCG invests in well-positioned middle market companies. WCG focuses on firms where the current ownership and management reinvest in the transaction, and management remains in place, affording current shareholders and management an opportunity to achieve liquidity coupled with ownership continuity. WCG invests in companies throughout North America with annual revenue from $15 to $100 million and EBITDA ranging from $2 to $10 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. Additional information on WCG can be found at www.weinbergcap.com.
SOURCE Weinberg Capital Group