NEW STATE AVIATION HOLDINGS ACQUIRES BLACKHAWK AEROSPACE

Performance improvement leader joins Daher TBM provider AVEX, expanding general aviation platform

LARCHMONT, N.Y, Jan. 3, 2023 /PRNewswire/ -- New State Capital Partners ("New State") announced today that its general aviation-focused platform, New State Aviation Holdings ("NS Aviation"), has acquired Blackhawk Aerospace ("Blackhawk" or "the Company"), a recognized leader in aircraft performance improvements. Blackhawk joins NS Aviation's anchor aviation investment AVEX, a leading provider of sales and maintenance for the Daher TBM turboprop aircraft, which was acquired in December 2021. AVEX and Blackhawk will continue to operate independently, while working together to expand NS Aviation's offerings. Blackhawk's management will remain with the Company. Terms of the transaction were not disclosed.

Headquartered in Waco, TX, with more than 60 employees, Blackhawk provides engine upgrades for a broad range of turboprop planes, improving an aircraft's speed, safety, and climb capabilities, while extending engine life. The Company serves customers worldwide in the commercial and government markets. Blackhawk was founded in 1999 as Blackhawk Modifications, Inc, and added divisions for government support, maintenance, avionics, composites, and aircraft sales. The composites business is not included in the transition and will remain independent. 

"This transformative acquisition more than doubles the size of our business and allows us to expand aircraft platforms serviced," said Chad Cundiff, CEO of New State Aviation Holdings. "AVEX is a market leader in sales, brokerage and maintenance of the Daher TBM, and Blackhawk is the market leader in turboprop engine upgrades. Together, they will allow New State Aviation Holdings to offer a broader suite of services and meet more needs of light turbine aircraft owners, across a variety of aircraft manufacturers."

"We are very excited to join New State Aviation Holdings and partner with the folks at AVEX," said Blackhawk CEO Jim Allmon. "Our family of companies shares a singular focus: to increase an aircraft's capabilities to unrivalled heights while maintaining the highest level of safety possible. We look forward to working with Chad and the rest of the New State Aviation team to further expand our services."

"We are thrilled to have Blackhawk join our platform," added Daniel Han, Senior Principal at New State and Chairman of New State Aviation Holdings. "As the market leader in engine upgrades and STC development, Blackhawk represents a significant step towards our goal of being the premier service provider for the light turbine market. More importantly, the outstanding reputation and culture of Blackhawk, focused on people and customers first, will mesh seamlessly with that of AVEX. We believe this combination will build on the strengths at AVEX, expand our capabilities and enable us to provide the highest levels of service, quality and expertise in general aviation."

Strong demand for AVEX and Blackhawk products and services has driven record backlogs for both companies and signals a bright future for New State Aviation Holdings.

About New State Capital Partners
New State Capital Partners is an entrepreneurial-minded private equity firm that strives to be nimble, decisive, and cooperative. New State prides itself on a long-term outlook, approaching each potential investment as an opportunity to create lasting and valuable relationships with company founders and especially independent sponsors. The firm has the ability to invest up to $100 million in equity per transaction and seeks to invest in market-leading companies with $8 million to $40 million of EBITDA in the areas of business services, industrials, and consumer. New State and its affiliates have invested in more than 35 companies to date. For more information visit www.newstatecp.com.

About Blackhawk Aerospace
Blackhawk Aerospace is the recognized leader in performance improvements for turboprop aircraft. Founded in 1999 in Waco, Texas, the company serves customers worldwide in the commercial and government markets. Today, Blackhawk Aerospace is comprised of Blackhawk Aerospace Upgrades, Blackhawk Aerospace Solutions, and Blackhawk Aerospace Technologies. A worldwide network of approved dealers and service support centers complements Blackhawk's U.S. facilities. Visit www.blackhawk.aero for more information.

About AVEX
AVEX is a leading aircraft dealer in North America with a robust maintenance and aftermarket services platform focused on the Daher TBM. With more than 1,000 aircraft in service, the TBM has an enviable position in the single-engine turboprop market. AVEX was founded in 1985 and has operations in Colorado and California. For more information visit www.newAVEX.com.

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Joanne Lessner
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SOURCE New State Capital Partners