Acorn Growth Companies, a middle market private equity firm investing exclusively in aerospace and defense, has completed the acquisition of Aerospheres (UK) Ltd, a chemical and composite repair supplier to the commercial airline and MRO markets.
Located 12 miles from Heathrow International Airport, Aerospheres (UK) services over 650 airlines and maintenance outlets around the world. The company has an impressive capability & inventory of over 14,000 chemicals and composite repair supplies and maintains quality approvals from the largest names in the commercial airline and MRO industry.
"Aerospheres aligns perfectly with our broad market strategy and is an excellent fit in our portfolio to drive greater growth and long term sustainability for MRO and niche-distribution businesses.” said Rick Nagel, Managing Partner, Acorn Growth Companies. "This acquisition demonstrates our commitment to prudently deploy capital while leveraging existing portfolio synergies that exist today with AGC AeroComposites, APSE, and Valair."
Aerospheres (UK) was founded in 1991 by Ben Nemenyi, who led the company’s successful journey to become a worldwide supplier to the aerospace industry. Nemenyi will continue to serve as Managing Director and will partner with Acorn’s operational team to continue the company’s strong legacy and entrepreneurial spirit.
"We are excited to become part of such a dynamic company. AGC is deeply committed to growing our business and helping us maintain impeccable quality, affordability, speed, and customer service standards. Our entire dedicated staff looks forward to working with AGC as we mutually explore growth areas in the future,” said Nemenyi.
Financing was provided by the RiverRock European Opportunities Fund although details of the transaction were not disclosed.