Precision Aviation Group acquires ICON Aerospace, TAG Aero

The GenNx360 Capital Partners portfolio company, Precision Aviation Group Inc. (PAG), a 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, near Charlotte, 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.

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 Mast said, "Jeff and the teams at Icon and Tag have built world-class businesses and facilities." 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 1.1 million square feet of facilities, with more than 1,000 employees performing over 150,000 repairs annually."

PAG offers comprehensive MRO services on over 200,000 product lines.

"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.

Pratik Rajeevan, the GenNx360 Principal who led the transaction said, "We are pleased to support the PAG team, as it continues to execute on its growth strategy. Our partnership with ICON and TAG is a continuation of the PAG strategy to increase the company's repair portfolio through synergistic acquisitions that help the company better serve its customers. This investment is the ninth PAG add-on executed under GenNx360's ownership and scales the business to over half a billion dollars of revenue in a large and attractive growth market."

Prior to being acquired by PAG, ICON, and TAG were portfolio companies of Mill Hill Capital, a Florida-based investment firm. Perella Weinberg Partners served as exclusive financial advisor to ICON and TAG; Greenberg Traurig served as legal counsel to ICON and TAG. Winston & Strawn served as legal counsel to PAG and GenNx360.