Blackhawk News
January 3, 2023
Blackhawk Aerospace Sells Majority Ownership to New State Aviation Holdings
WACO, Texas – January 3, 2023 – Blackhawk Aerospace (“Blackhawk” or “the Company”), a recognized leader in aircraft performance improvements, announced today that the Company has sold its majority ownership to New State Aviation Holdings, the general aviation-focused platform of the middle-market private equity firm New State Capital Partners (“New State”).
Blackhawk joins New State’s anchor aviation investment, AVEX, a leading provider of sales and maintenance for the Daher TBM turboprop aircraft, which was acquired in December 2021. AVEX and Blackhawk will continue to operate independently, while working together to expand New State’s aviation offerings. Blackhawk’s management will remain with the Company. Terms of the transaction were not disclosed.
Pictured Above: Blackhawk HQ Campus in Waco, TX
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Headquartered in Waco, TX, with more than 60 employees, Blackhawk provides engine upgrades for a broad range of turboprop models, improving an aircraft’s speed, safety, and climb capabilities, while extending engine life. The Company serves customers worldwide in the commercial and defense markets. Blackhawk was founded in 1999 as Blackhawk Modifications, Inc., and added divisions for defense support, maintenance, avionics, composites, and aircraft sales by establishing locations in Huntsville, AL and Columbia, MO. Their experienced team and expansive capabilities have given Blackhawk the opportunity to serve as a one-stop-shop for all things turboprop-related worldwide. The composites business is not included in the transition and will remain independent.
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“We are very excited to join New State Aviation Holdings and partner with the folks at AVEX,” said Blackhawk CEO, Jim Allmon. “Our family of companies shares a singular focus: to increase an aircraft’s capabilities to unrivalled heights while maintaining the highest level of safety possible. We look forward to working with Chad [Cundiff] and the rest of the New State Aviation team to further expand our services.”
“This transformative acquisition more than doubles the size of our business and allows us to expand aircraft platforms serviced,” said Chad Cundiff, CEO of New State Aviation Holdings. “AVEX is a market leader in sales, brokerage and maintenance of the Daher TBM, and Blackhawk is the market leader in turboprop engine upgrades. Together, they will allow New State Aviation Holdings to offer a broader suite of services and meet more needs of light turbine aircraft owners, across a variety of aircraft manufacturers.”
“We are thrilled to have Blackhawk join our platform”, added Daniel Han, Senior Principal at New State and Chairman of New State Aviation Holdings. “As the market leader in engine upgrades and STC development, Blackhawk represents a significant step towards our goal of being the premier service provider for the light turbine market. More importantly, the outstanding reputation and culture of Blackhawk, focused on people and customers first, will mesh seamlessly with that of AVEX. We believe this combination will build on the strengths at AVEX, expand our capabilities and enable us to provide the highest levels of service, quality, and expertise in general aviation.”
For more information regarding this announcement, please reach out to info@blackhawk.aero or +1 (254) 755-6711.
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| About New State Capital Partners New State Capital Partners is an entrepreneurial-minded private equity firm that strives to be nimble, decisive, and cooperative. New State prides itself on a long-term outlook, approaching each potential investment as an opportunity to create lasting and valuable relationships with company founders and especially independent sponsors. The firm has the ability to invest up to $100 million in equity per transaction and seeks to invest in market-leading companies with $8 million to $40 million of EBITDA in the areas of business services, industrials, and consumer. New State and its affiliates have invested in more than 35 companies to date. For more information visit www.newstatecp.com About AVEX AVEX is a leading aircraft dealer in North America with a robust maintenance and aftermarket services platform focused on the Daher TBM. With more than 1,000 aircraft in service, the TBM has an enviable position in the single-engine turboprop market. AVEX was founded in 1985 and has operations in Colorado and California. For more information visit www.newavex.com. |