Precision Aviation Group Inc.
09/30/2024 | Press release | Distributed by Public on 10/01/2024 02:03
PRECISION AVIATION GROUP, INC. EXPANDS WITH THE ACQUISITION OF ICON AEROSPACE AND TAG AERO
PRECISION AVIATION GROUP, INC. EXPANDS WITH THE ACQUISITION OF ICON AEROSPACE AND TAG AERO
Atlanta, GA - September 30, 2023 - Atlanta-based Precision Aviation Group, Inc. (PAG), a leading provider of products and value-added services to the global aerospace and defense market, has completed the acquisition of ICON Aerospace (ICON) and TAG Aero (TAG), strategically expanding PAG's Avionics and Engine services capabilities.
ICON Aerospace, headquartered in Indian Trail, North Carolina, is an FAA/CAA/EASA-approved repair station specializing in the repair and overhaul of avionics, instruments, radios, and accessories. With 150 employees and a strong reputation for quality, ICON adds substantial avionics expertise to PAG's portfolio.
TAG Aero, based in Rock Hill, South Carolina, is an FAA/CAA/EASA-approved repair station focused on auxiliary power units (APUs). TAG provides a vertically integrated suite of services including repair and overhaul, outright sales, leasing and exchanges for 131, 331, and 85 Series APUs. Known for reliability and high service standards, TAG supported by 60 employees and four in-house test cells, strengthens PAG's Engine Services segment.
Both TAG and ICON's customers will gain access to PAG's global network of Maintenance, Repair, and Overhaul (MRO) capabilities, including its Inventory Supported MRO (ISMRO®) model, which ensures increased parts availability, faster turnaround times, and expanded support.
President and CEO of PAG, David Mastsaid, "Jeff and the teams at Icon and Tag have built world-class businesses and facilities. ICON and TAG joining PAG significantly bolster our Avionics services and Engines services businesses with incremental capabilities, which will allow us to better serve our customers with a broader range of repair capabilities." He added, "In partnership with GenNx360, we have significantly scaled PAG into a global player in the aerospace and defense industry, now operating 24 Repair Stations/27 Locations across 1.1Msquare feet of facilities, with over 1,000 employees performing over 150,000 repairs annually."
"We are very excited to join David and the PAG family in building the premier service provider to the global aerospace and defense industry. This partnership enhances our ability to serve our customers, providing them with a broader range of solutions and a network of repair stations across the globe," said Jeff Lambert, CEO of ICON and TAG.
About ICON Aerospace and TAG Aero
ICON Aerospace is an FAA/CAA/EASA-approved repair station specializing in avionics, instruments, and accessories. TAG Aero is an FAA/CAA/EASA-approved repair station offering APU repair and overhaul, outright sales, leasing and exchange services to the aerospace industry. www.iconaerospace.com and www.tagaero.com
More information about TAG.Aero and ICON Aerospace can be found on our webpages here:
About Precision Aviation Group
Precision Aviation Group (PAG) is a leading provider of products and value-added services to the aerospace and defense industries worldwide. With 24 Repair Stations, and over 1.2M -square-feet of sales and service facilities in the United States, Canada, Australia, Singapore, and Brazil - PAG's 26 locations and customer-focused business model serve aviation customers through Supply Chain and Inventory Supported Maintenance, Repair and Overhaul (ISMRO®) services.
PAG provides MRO and Supply Chain Solutions for Fixed- and Rotary-wing aircraft. PAG has MRO and manufacturing capabilities in four MRO segments - Avionics, Components, Engines and Manufacturing/DER Services. PAG is dedicated to keeping mission critical, business, military, and defense operators in the air.
About GenNx360 Capital Partners
GenNx360 Capital Partners is a private equity firm focused on acquiring middle market industrial and business services companies. GenNx360 invests in companies with proven and sustainable business models in expanding industries, with the objective of implementing value-enhancing operational improvements to accelerate growth, deliver efficiencies and generate strong financial returns. Target industries include business & industrial services, automation & industrial technology, packaging products, equipment services, environmental services, and food ingredients/equipment/services. GenNx360 was founded in 2006 and is headquartered in New York City. www.gennx360.com
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