Dallas-based private equity firm Trive Capital has entered into a partnership with Field Aerospace.
Field has three facilities in the US and Canada, and specializing in aircraft integration, engineering, modification, and support services for government, aerospace, and defense customers. It specializes in aircraft modification and parts manufacturing with a focus on special-mission aircraft including the DHC-8, Challenger, and Gulfstream platforms.
As part of the transaction, Trive provided a structured capital solution to buy out minority shareholder and former Chairman, Dan Magarian, and to support future growth initiatives of the business.
“The directors and shareholders of Field are delighted to welcome Trive” said Field president and CEO John Mactaggart. “When we purchased Field Aviation in 2012 and ASES in 2015, we planned further acquisitions to enhance the organic growth of Field. Trive not only adds welcome expertise to the leadership of the Company but will bring a fresh perspective to Company growth and open further acquisition opportunities. The remaining original shareholders see this as a logical step in the growth of Field.”
“Field is a differentiated business with highly specialized engineering services that has experienced significant growth over that past decade,” said Magarian. “I am proud of the Company’s accomplishments during this time and am eager to watch its continued success and expansion with Trive’s involvement.”
“Trive has deep experience investing into aerospace and defense businesses and was fortunate to have developed a relationship with the Field ownership team over several years. Field has built an impressive set of capabilities that position it to capitalize on increased spending for modified, special mission aircraft used in ISR data collection,” said David Stinnett, Partner at Trive Capital. “Moreover, our ability to facilitate an innovative structured capital solution and quickly close this complex transaction in the middle of challenging macro-economic conditions, demonstrates Trive’s ability to creatively deploy capital in the current market.”
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