Acorn Growth Companies, a private equity firm investing exclusively in aerospace and defence, has acquired Seattle-headquartered Raisbeck Engineering.
Founded in 1982 by aeronautical engineer and entrepreneur James D Raisbeck, Raisbeck Engineering develops, markets and manufactures worldwide-certified performance improvement systems for some of the most prolific commercial and general aviation aircraft models.
"Thanks to James Raisbeck's vision and the dedication of his team, Raisbeck Engineering is one of the most prominent names in the aviation community, with an exceptional reputation for its innovative contributions to the industry," says Rick Nagel, managing partner of Acorn Growth Companies. "We have a common mission and passion to support the aviation community by delivering the very best in relevant technology advancements, and I couldn't be more proud of this partnership."
"For the last 35 years, we've been uniquely positioned to deliver advanced technologies to improve the performance, utility and safety of aircraft. We decided to partner with Acorn Growth Companies because we strongly believe that together we can continue to build on our legacy of delivering innovative products while growing our footprint beyond the markets we serve today," says James Raisbeck, founder and chairman of Raisbeck Engineering.
Under the agreement, Raisbeck Engineering intends to broaden future performance systems by expanding into additional aircraft platforms. Raisbeck will remain with the company, as chairman, while the company's CFO, Tony Armstrong, will serve as the interim CEO with the existing executive team staying in place.
This is Acorn Growth Companies' first acquisition under its fourth private equity fund. Details of transaction were not disclosed.
Participating parties included Congruent Investment Partners, Independent Bankers Capital Funds, Omega Capital and Arvest Bank.