Levine Leichtman Capital Partners (“LLCP”) announced today that it has completed the sale of Tronair Parent, Inc. (“Tronair” or the “Company”) to Golden Gate Capital (“Golden Gate”).
Tronair, based in Holland, Ohio, is the global leader in the design, manufacture, and sale of ground support equipment (“GSE”) for business, commercial and military aircraft. Tronair’s broad and innovative product line of GSE, comprised of over 1,000 SKUs, is used by over 300 unique aircraft platforms. Tronair is the market leader in its core products and market segments, serving leading aircraft OEMs (e.g., Bombardier, Gulfstream, Embraer, Boeing and Airbus), fixed based operators, maintenance and repair providers, corporate hangars, commercial airlines, defense contractors and military airbases around the world.
Lauren Leichtman, CEO of LLCP, said, “Tronair has been a classic LLCP investment. We identified the Company as a market leader that could become an early consolidator in a large and rapidly growing market with a differentiated product offering. Together with management, we have built one of the leading GSE businesses in the world and we look forward to watching Tronair’s next phase of growth.”
Harley Kaplan, Tronair’s President and CEO commented, “The Tronair team is proud to have worked with LLCP in building a business of such immense value – to customers, employees and shareholders alike. LLCP’s relationships, financial expertise, and operational discipline were all important factors in our robust growth, and we have enjoyed a truly special partnership.”
Lazard and Baird served as financial advisors. Kirkland & Ellis LLP served as legal advisor to LLCP and Tronair in connection with the sale.