Precision Aviation Group Expands its Capabilities with Acquisitions of Icon Aerospace and Tag Aero
Portfolio Company News - September 30, 2024
New York, NY – September 30, 2024 – GenNx360 Capital Partners (“GenNx360”) announced today that its portfolio company, Precision Aviation Group, Inc. (PAG), a leading provider of products and value-added services to the global aerospace and defense market, has completed the acquisition of ICON Aerospace (ICON) and TAG Aero (TAG), strategically expanding PAG’s Avionics and Engine services capabilities.
ICON Aerospace, headquartered in Indian Trail, North Carolina, is an FAA/CAA/EASA-approved repair station specializing in the repair and overhaul of avionics, instruments, radios, and accessories. With 150 employees and a strong reputation for quality, ICON adds substantial avionics expertise to PAG’s portfolio.
TAG Aero, based in Rock Hill, South Carolina, is an FAA/CAA/EASA-approved repair station focused on auxiliary power units (APUs). TAG provides a vertically integrated suite of services including repair and overhaul, outright sales, leasing and exchanges for 131, 331, and 85 Series APUs. Known for reliability and high service standards, TAG, supported by 60 employees and four in-house test cells strengthens PAG’s Engine Services segment.
Both TAG and ICON’s customers will gain access to PAG’s global network of Maintenance, Repair, and Overhaul (MRO) capabilities, including its Inventory Supported MRO (ISMRO®) model, which ensures increased parts availability, faster turnaround times, and expanded support.
President and CEO of PAG, David Mast said, “Jeff and the teams at Icon and Tag have built world-class businesses and facilities. ICON and TAG joining PAG significantly bolster our Avionics services and Engines services businesses with incremental capabilities, which will allow us to better serve our customers with a broader range of repair capabilities.” He added, “In partnership with GenNx360, we have significantly scaled PAG into a global player in the aerospace and defense industry, now operating 24 Repair Stations/27 Locations across 1.1M square feet of facilities, with over 1,000 employees performing over 150,000 repairs annually.”
“We are very excited to join David and the PAG family in building the premier service provider to the global aerospace and defense industry. This partnership enhances our ability to serve our customers, providing them with a broader range of solutions and a network of repair stations across the globe,” said Jeff Lambert, CEO of ICON and TAG.
Pratik Rajeevan, the GenNx360 Principal who led the transaction said, “We are pleased to support the PAG team, as it continues to execute on its growth strategy. Our partnership with ICON and TAG is a continuation of the PAG strategy to increase the company’s repair portfolio through synergistic acquisitions that help the Company better serve its customers. This investment is the ninth PAG add-on executed under GenNx360’s ownership and scales the business to over half a billion dollars of revenue in a large and attractive growth market.”
Prior to being acquired by PAG, ICON and TAG were portfolio companies of Mill Hill Capital, a Florida-based investment firm. Perella Weinberg Partners served as exclusive financial advisor to ICON and TAG; Greenberg Traurig served as legal counsel to ICON and TAG. Winston & Strawn served as legal counsel to PAG and GenNx360.
About ICON Aerospace and TAG Aero
ICON Aerospace is an FAA/CAA/EASA-approved repair station specializing in avionics, instruments, and accessories. TAG Aero is an FAA/CAA/EASA-approved repair station offering APU repair and overhaul, outright sales, leasing and exchange services to the aerospace industry.
www.iconaerospace.com and www.tagaero.com
About Precision Aviation Group (PAG)
Precision Aviation Group (PAG) is a global provider of products and value-added services to the aerospace and defense industries. With 24 FAA-approved repair stations and over 1.1 million square feet of facilities worldwide, PAG offers comprehensive MRO services on over 200,000 product lines. PAG supports both fixed- and rotary-wing aircraft through its Inventory Supported Maintenance, Repair, and Overhaul (ISMRO®) business model, with core capabilities in Avionics, Engines, Components, and Manufacturing/DER Services.
www.precisionaviationgroup.com
About GenNx360 Capital Partners
GenNx360 Capital Partners is a private equity firm focused on acquiring middle market industrial and business services companies. GenNx360 invests in companies with proven and sustainable business models in expanding industries, with the objective of implementing value-enhancing operational improvements to accelerate growth, deliver efficiencies and generate strong financial returns. Target industries include business & industrial services, automation & industrial technology, packaging products, equipment services, environmental services, and food ingredients/equipment/services. GenNx360 was founded in 2006 and is headquartered in New York City.
www.gennx360.com
About Mill Hill Capital
Mill Hill Capital is a Multi-Family Private Investment firm focused on acquisitions, recapitalizations, and founder liquidity events in lower to middle market companies. Mill Hill Capital’s team of experienced managers assist in driving value for each investment, and spans 50 years of investing and operational experience in Aviation, Aerospace, Automotive, Building Products, Medical Products and Distribution. For more information on Mill Hill Capital, please contact Bob Stockard.
www.millhillcapital.com
For media inquiries about this press release, please contact:
Josh Cherfoli
jcherfoli@ismro.com
Phone: 404.335.7405
Alicia Francis, Head of Investor Communications
investorrelations@gennx360.com
Phone: 929.287.6107