NEW STATE CAPITAL ACQUIRES AVEX

LARCHMONT, N.Y., Dec. 21, 2021 /PRNewswire/ -- New State Capital Partners ("New State") today announced the acquisition of AVEX ("AVEX" or "the Company"), a leading provider of sales and maintenance for the Daher TBM turboprop aircraft in North America. New State is acquiring the Company from its founder, Terry Winson, who is retiring. Terms of the transaction were not disclosed.

Founded in 1985, with operations in California and Colorado, AVEX is the exclusive distributor of new TBM aircraft in the southwestern United States. With more than 1,000 TBM aircraft currently in service, the Company also manages a robust maintenance and aftermarket services business, which provides a one-stop solution and a high level of customer service to TBM owners across the country.

Manufactured in France by Daher since 1990, the TBM is among the fastest single-engine turboprop planes in operation, combining safety, comfort and performance. The TBM provides typical cruising speeds of light jets, with the economical operating costs of a single-engine turboprop.

"AVEX has been my life's work, so selecting the next owner of the business was not a task I took lightly," said Terry Winson. "From our first interaction, New State clearly stood out as the best partner for AVEX. They were absolute professionals, acting with integrity at every step. I am truly excited for them, as well as for our customers and the team at AVEX.  I am quite confident of their future success." 

"Today marks a wonderful milestone in the growth of AVEX," added Guy Eichberg, President.  "We at AVEX are all energized by the skill, resources and strategic guidance that New State can add to an already terrific company.  AVEX has been preparing for this transition for years, and we could not have picked a better partner in New State."

"The acquisition of AVEX marks a new chapter for New State as we launch a broader platform focused on aviation," said Daniel Han, Senior Principal at New State. "AVEX was an ideal anchor investment for this strategy, due to the strength of the business Terry and the team have built.  Given the strong and enduring trends within business and general aviation, we see exciting growth potential across the sector, and for AVEX in particular.  We look forward to partnering with the team to further build on AVEX's legacy of excellence, and will be actively seeking additional acquisitions within the space."

Jefferies, LLC acted as advisor for New State.  JANAS Associates acted as advisor for AVEX.

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.

About New State Capital Partners
New State Capital Partners LLC 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 $35 million of EBITDA in the areas of business services, industrials, and consumer. New State and its affiliates have invested in 31 companies to date. For more information visit www.newstatecp.com.

Media contact:

Lambert & Co.
Joanne Lessner, [email protected], 212-222-7436

SOURCE New State Capital Partners