Weinberg Capital Group has completed its exit from Aero 3 Inc. Known as AeroRepair, the company is a provider of wheel and brake maintenance, repair and overhaul services to the commercial, corporate and general aviation industries. Sale terms were not disclosed.
Weinberg Capital invested in AeroRepair in early 2012, attracted by the quality of the people, favorable industry dynamics and strong reputation of the company which served as an attractive platform for growth. During Weinberg Capital's ownership, AeroRepair grew from a single facility located in New Hampshire to the largest independent wheel and brake maintenance, repair and overhaul platform in North America with six locations in New Hampshire, Georgia, Indiana, Arizona, Quebec and Alberta.
"AeroRepair has become an important player in the aviation wheel and brake industry and management is grateful for the guidance provided and partnership created with Weinberg Capital in building a world class MRO. Their support has been an integral part of our success," AeroRepair President and CEO Daniel M. Bell said in a statement.
Weinberg Capital Director and Principal Ron Weinberg added: "During our ownership, it has been impressive to see the AeroRepair management team improve not only the processes and effectiveness of the company, but also its size and footprint in a demanding and important industry. We are proud to have been part of this era of their success."
Weinberg Capital Group was represented by KeyBanc Capital Markets Inc. and Benesch, Friedlander, Coplan & Aronoff LLP in connection with the transaction.