M&A Activity in Avionics, Instruments MRO
Mill Hill Capital, a multi-family private investment firm, purchased Icon Aerospace, an avionics and instrument repair station in North Carolina, for an undisclosed price. Icon joins the investment advisor’s UAS Holdings portfolio company, which also includes Tag Aero, an auxiliary power unit MRO in South Carolina.
Icon’s existing leadership will remain but Jeff Lambert, who is CEO of Tag Aero, will become CEO of Icon, as well.
He says integrating the two repair companies into one brand is not planned at this time. In addition, no immediate changes to the business are planned.
UAS Holdings acquired Icon Aerospace to increase the MRO services in its portfolio. When asked if it is seeing additional acquisitions to create a bigger bundle of MRO services, he says “UAS Holdings is always looking for a niche business to add to our portfolio.” Icon and Tag are the only two companies in the portfolio so far.
The companies say they service a combined customer base of more than 1,000 companies.
Icon Aerospace tests, repairs and overhauls more than 30,000 aircraft components.