21 May 2004
21 May 2004
Composite Technology, Inc. (CTI) has been acquired by a syndicate of Philadelphia based private equity firms assembled as a holding company called Ranger Composites LLC.
CTI is an independent rotor blade repair company operating worldwide, with its Headquarters in Dallas and with facilities in Canada, Brazil, England and Singapore.
The investor syndicate includes Meridian Venture Partners, Argosy Investment Partners, Spring Capital, Ranger Aerospace LLC and other private investors. CTI was previously owned by an Australian investment group. Exact terms of the investment were not disclosed.
CTI performs extensive repairs and modifications to rotor blades for almost every type of helicopter built in the world, and is licensed by Agusta, Bell, Eurocopter, Kazan Helicopters, MD Helicopters, Schweizer and Sikorsky, and respective local aviation regulatory authorities.
In aggregate through all of its overhaul facilities, CTI processes on average more than 250 rotor blades each month, and performs over 200,000 man-hours of technical service annually.
Mike Topa, the long-serving President of Composite Technology, said: ""This new affiliation is expected to expand our capabilities, broaden our services and enhance our competitive position."" Topa noted that CTI offers various Supplemental Type Certificates (FAA-authorized ""STC's"") for special repairs that only CTI performs, and other proprietary bonded repair techniques. Topa added: ""Our focus remains on customer service, quality, worldwide support, reduction of direct operating costs and strict adherence to design authority's standards.""
Steve Townes, CEO and founder of Ranger Aerospace LLC, said: ""Composite Technology is a strong and growing company, with an exceptional reputation for high quality, customer performance, reliability, and safety. Our objective is to carefully grow CTI as an integral element in our overall consolidation strategy in rotorcraft services. Rotor blade repairs and composite repairs are a steady, growing part of the military and commercial helicopter aftermarket. CTI is a solid strategic fit, and an important expansion of our geographic service footprint.""
The largest investor in Ranger Composites LLC is Meridian Venture Partners Part of MVP's stated investment approach is to invest in companies seeking to consolidate an industry by acquiring competitors or similar businesses in other geographic markets.
The other institutional investor partners in Ranger Composites LLC are: Spring Capital Partners; Argosy Investment Partners, and Ranger Aerospace.
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