KRG Capital Partners Completes Investment in Tronair, Inc.
The Investment is the 1st Platform Company in KRG’s Fund IV 888 DENVER, CO (March 17, 2008)
KRG Capital Partners (KRG), a Denver-based private equity firm, announced that it has completed a control investment in Tronair, Inc. (Tronair). Tronair, based in Holland, OH, is a leading manufacturer and marketer of ground support equipment for business, regional and commercial aircraft. The Tronair acquisition represents the 1st platform company for KRG’s $1.96 billion Fund IV and the 32nd platform company since KRG’s inception.
“We are very excited to be partnering with the management team at Tronair” noted Steve Neumann, Managing Director, of KRG Capital. “Our objective is to build upon Tronair’s reputation as a trusted manufacturer of premium aviation ground support equipment by expanding our product offering both organically as well as through strategic acquisitions.
Despite the challenging credit environment, the transaction received strong support from KRG’s longstanding relationship lenders. The senior financing was completed by Madison Capital and Bank of Ireland, and the subordinated debt financing was led by Golub Capital. Founded in 1973, Tronair has emerged as one of the most recognized brands in aviation ground support equipment. Tronair’s branded products include towbars, jacks, hydraulic power units, engine stands, electrical equipment, and towbarless tugs, among other products. Tronair’s unmistakeable blue presentation of its branded products has become a recognized symbol of quality in aviation service centers and corporate hangars throughout the world. Ken Greene, Tronair President and Chief Executive Officer, stated, “We are looking forward to joining the KRG team and the excellent opportunities it will provide us.”
KRG’s investment in Tronair represents a compelling opportunity to participate in the growth of the global infrastructure of ground support and maintenance products and services for the rapidly expanding fleet of business jets around the world. KRG plans to partner with Tronair management in pursuing organic and acquisition growth opportunities in North America as well as in international markets.
Tronair was represented in the transaction by Dresner Partners
About KRG: Founded in 1996, KRG is a Denver-based private equity firm with over $4 billion of cumulative capital either deployed or available for future investment, which includes approximately $682 million deployed since inception on behalf of equity co-investors. KRG specializes in acquiring and recapitalizing unique and profitable middle-market companies. The firm seeks investment opportunities where KRG can partner with owners and operating managers who are committed to expanding their companies and becoming industry leaders. The result is a partnership that focuses on creating a significantly larger enterprise through a combination of internal growth and complementary add-on acquisitions. Since inception, KRG has invested in 32 platform companies and has completed 94 add-on acquisitions for those platforms. More information on KRG is available online at www.krgcapital.com.