Corrum Capital backs AvAir MBO

Lauren Eldershaw
By Lauren Eldershaw February 7, 2019 15:11

Corrum Capital backs AvAir MBO

Aftermarket parts supplier, AvAir, has been acquired in a management buy-out (MBO) backed by new equity partner Corrum Capital.

AvAir president Mike Bianco is now CEO, and is joined on the board of directors by Jason Cipriani, co-managing partner of Corrum Capital Management and Michael Robinson, senior advisor to Corrum Capital Management.

“AvAir has developed a leading brand as an aftermarkets solutions provider and continues to prove itself as a top leader in the aviation industry,” said Cipriani. “We look forward to working with Mike and the AvAir team to execute on a long-term, global growth strategy.”

AvAir founder Robert Ellis will remain with the company in an advisory capacity and serve as a member of the company’s board of directors, to support the rollout of a renewed strategic vision for the business.

Financial terms were not disclosed. Lewis Roca Rothgerber Christie, Snell and Wilmer, The Cavanagh Law Firm, and Weiss Brown served as transaction counsel to AvAir, Bianco and Ellis, respectively. Moore & Van Allen acted as transaction counsel to Corrum Capital.

Bianco, who has been on the AvAir team for 18 years and has served as president for the past five years, intends to follow an “aggressive, yet strategic” global expansion plan.

“I’m proud to have been part of AvAir’s evolution for 18 years,” said Bianco. “We have built an amazing culture, with a talented team and continue to grow by putting our customers first. I’m looking forward to working closely with Corrum Capital given their unique blend of financial expertise, market access, and management insight, further leading our growth in my new role.”

Lauren Eldershaw
By Lauren Eldershaw February 7, 2019 15:11