Levine Leichtman Capital Partners (“LLCP”), a Los Angeles-based private equity firm, announced that Tronair, Inc. (www.tronair.com), a portfolio company of Levine Leichtman Capital Partners IV, L.P., has successfully completed the strategic acquisition of Eagle Industrial Truck Manufacturing, LLC (“Eagle Tugs”), a leading provider of tow tractors and tugs for commercial aviation and military customers.
The addition of Eagle Tugs will increase the breadth of Tronair’s product portfolio for the benefit of its customer base. Tronair will also leverage its direct sales and distribution networks to introduce Eagle Tugs products into new markets. Additionally, the companies will leverage the combined facilities for supply chain and manufacturing efficiencies.
Lauren Leichtman, Co-Founder and CEO of LLCP, commented, “The Eagle Tugs acquisition is an important strategic addition to Tronair, which will provide yet another growth avenue for Tronair. This highly accretive transaction will ultimately provide value to all of Tronair’s stakeholders.”
Harley Kaplan, Tronair’s President and CEO commented, “The Eagle Tugs acquisition expands Tronair’s capabilities in the highly complementary tug market, providing our clients a wider product offering of industry leading GSE. Our customers will truly benefit from the combination of two companies who are similarly committed to quality, innovation and customer service. We will remain active in pursuing additional acquisition opportunities that complement our focused growth strategy.”
Additionally, LLCP announced today that Tronair successfully completed a recapitalization. Proceeds of the transaction were used to pay a shareholder dividend, acquire Eagle Tugs and provide for ongoing working capital needs. The senior credit facility was provided by BMO Harris Bank, Bank of Ireland and Madison Capital Funding LLC.
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.