LOS ANGELES, March 12, 2012 /PRNewswire/ -- Levine Leichtman Capital Partners ("LLCP"), a Los Angeles-based private equity firm, announced today that it has partnered with management to complete the acquisition of Tronair, Inc. ("Tronair"). Tronair, based in Holland, Ohio, is the global leader in the design, manufacture, and sale of ground support equipment ("GSE") for business, commercial and military aircraft. Tronair's broad and innovative product line of GSE, comprised of over 1,000 SKUs, is used by over 300 unique aircraft platforms. Tronair is the market leader in its core products and market segments, serving leading aircraft OEMs (e.g., Bombardier, Gulfstream, Embraer, Boeing and Airbus), fixed based operators, maintenance and repair providers, corporate hangars, commercial airlines, defense contractors and military airbases around the world.
The investment in Tronair was funded from Levine Leichtman Capital Partners IV, L.P., a $1.1 billion private equity fund. According to Lauren Leichtman, Co-Founder and CEO of LLCP, "Tronair is the dominant brand in the GSE market with a strong track record of growth and profitability. Tronair is widely recognized in the market for its superior product quality and innovation, which has allowed the company to maintain excellent customer relationships. We are excited to partner with the CEO Ken Greene and the rest of the Tronair senior management team and look forward to the continued growth of the business."
Ken Greene, Tronair's Chief Executive Officer, commented, "The Tronair global team is excited about partnering with LLCP as the company seeks to further strengthen its market position and fuel its next stage of growth. LLCP has a long history of being a value-added partner to its portfolio companies and I look forward to leveraging their strategic, financial and M&A expertise."
About Levine Leichtman Capital Partners
Levine Leichtman Capital Partners is a Los Angeles, California-based investment firm that manages approximately $5.0 billion of institutional investment capital through private equity partnerships, distressed debt and leveraged loan funds. LLCP is currently making new investments through Levine Leichtman Capital Partners IV, L.P., Levine Leichtman Capital Partners SBIC Fund, L.P., and Levine Leichtman Capital Partners Deep Value Fund II, L.P. Prior investments by Levine Leichtman Capital Partners include CiCi's Pizza, Hackney Ladish, Jon Douglas Real Estate Group, Overhill Farms and Quizno's. For more information about Levine Leichtman Capital Partners, please visit www.llcp.com.
SOURCE Levine Leichtman Capital Partners