ASHEVILLE, N.C., Oct. 12, 2011 /PRNewswire/ -- Stony Point Group, Inc., a private equity and management firm focusing on middle market companies in the aerospace, defense and industrial sectors, announced today the acquisition of the assets Broadwing Air Repair, LLC (BAR). Financial terms of the transaction, which closed October 7, were not disclosed.
Located in Melbourne, Ark., BAR is an FAA Part 145 Repair Station that provides composite and sheet metal repair and is particularly well-known for its expertise in flight control surface and door repair. Founded in 2007 by former managers of Boeing's Melbourne repair station, BAR services components for more than 25 different airframes, including those manufactured by Airbus, Embraer, Bombardier, McDonnell Douglas and Boeing.
"This acquisition aligns with Stony Point's strategy of adding high-quality companies that complement our existing portfolio of aviation businesses," said David Nolletti, Stony Point Group vice president of business development. "Broadwing Air Repair's capabilities and expertise in commercial aviation can clearly be extended to other markets, including military and business aviation, which is consistent with our objectives for organic growth."
Stony Point is partnering with Cotton Creek Capital of Dallas, Texas, and select BAR executives. This transaction represents the second time that Stony Point and Cotton Creek have partnered on an investment in the aerospace industry. To learn more about BAR, please visit www.broadwingrepair.com.
About Stony Point Group
The Stony Point Group, Inc. is a private equity and management firm located in Asheville, N.C., that focuses on middle market companies in the aerospace, defense and industrial sectors. In addition to Broadwing Air Repair, Stony Point's portfolio includes Graco Supply Company and the TECT family of business, comprised of TECT Power and TECT Aerospace. TECT Power manufactures critical rotating components for aero and industrial gas turbines. TECT Aerospace manufactures structural and mechanical assemblies for commercial, military and general aviation aircraft. Graco Supply is a value-added distributor of aerospace consumables used in the manufacture, repair and overhaul of aerospace components, assemblies and airframes. You can learn more about Stony Point, TECT, and Graco Supply at www.StonyPoint.com, www.TECTcorp.com, www.GracoSupply.com or call David Nolletti at 1.828.210.8127.
About Cotton Creek Capital
Cotton Creek Capital is a Dallas-based private equity firm focused on investing in and growing established lower middle market companies in manufacturing, value-added distribution, industrial services, energy, business services, healthcare services and consumer staples. The firm invests in companies with enterprise values between $15 million and $200 million through transactions ranging from buyouts, recapitalizations, buy-and-builds and corporate divestitures to selected minority investments. Cotton Creek Capital is affiliated with Brownlie & Braden, LLC, a provider of financial advisory services to high-net-worth families for over 20 years. For further information, visit Cotton Creek's website at www.cottoncreekcapital.com.
SOURCE Stony Point Group, Inc.