Field Aerospace has entered into a partnership with Trive Capital, the Dallas-based private equity firm. Field operates out of three facilities located in the US and Canada, specialising in aircraft integration, engineering, modification and support services for government, aerospace and defence customers. The company has a more than 70 year operating history 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,” says 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.”
Magarian adds: “Field is a differentiated business with highly specialised engineering services that has experienced significant growth over that past decade. 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. The shareholder group chose to partner with Trive based on the team's experience in the sector, flexible capital solution and ability to transact in challenging economic conditions.”
Trive Capital partner David Stinnett says that Trive has deep experience investing into aerospace and defence 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 capitalise on increased spending for modified, special mission aircraft used in ISR data collection,” he states. “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 our ability to creatively deploy capital in the current market.”
The transaction also represents Trive's most recent investment to its structured capital strategy. Trive is seeking additional structured capital investment opportunities where the firm can tailor bespoke debt and equity structures for strategically viable, middle market companies through a collaborative and operational approach. Trive's structured capital strategy targets opportunities across a variety of situations including growth capital, management buyouts, minority recaps, special situations and acquisition financing.