Banbury Private Capital (BPC), an equity partner for leading aerospace and defense companies, has acquired fast-growing Greensboro, North Carolina-based aircraft interior refurbishment specialist Latitude Aero for an undisclosed sum.
“Joining the BPC portfolio of A&D companies is a moment of pride for us,” says Latitude Aero president and CEO Kelvin Boyette, who will retain his role at the firm. “I am excited about what BPC brings to the table with their industry leading expertise, Board-level guidance, and access to capital to further accelerate our growth.”
The transaction, which closed on 27 June, marks a new chapter for Latitude Aero. Founded in 2015 by Boyette and three other “incubator partners” — Edwin Cooper, Ron Vergnolle, and McFadyen Anderson — Latitude Aero has enjoyed a rapid growth trajectory, most especially as airline passenger traffic soars beyond pre-pandemic levels.
The company is known in commercial aviation for its quality, on-time delivery and customer service, as well as its ability to execute on quick-turn projects — a particularly important proficiency given post-Covid industry bottlenecks. It now boasts leading global airlines as customers for its aircraft seat and sidewall panel refurbishment services.
For its part, BPC focuses its investments on owner-operated companies. Under the newly agreed equity structure, Banbury has become majority owner of Latitude Aero, providing its expertise and financial backing, whilst management holds ownership stakes. Boyette says the founding partners have also agreed to remain as shareholders.
The arrangement is being described by both parties as a “strategic partnership” that promises “accelerated growth, a fortified market position, and enhanced customer service capabilities”. Banbury’s Ryan Fruh has already been named CFO of Latitude Aero, and like Boyette, will hold a Board seat and an ownership stake.
“Additionally, BPC intends to appoint respected industry veterans to key Board positions to guide Latitude’s long-term plans, expansion of its product offerings, acquisition of key customers; all in an effort to drive its overall growth strategy,” says BPC managing partner and co-founder Langdon Holzman in a statement.
The capital provided by BPC will help Latitude Aero maximize productivity and minimize waste. Boyette tells Runway Girl Network that CapEx improvements at Greensboro will include tooling and machinery to create a lean manufacturing facility as well as additions to headcount in both production and the front office. He says the firm will also be expanding its capabilities.
But whilst supporting growth at Greensboro is the “primary” target in the near term, Latitude Aero with BPC’s assistance is eyeing expansion, Boyette reveals.
We are looking at expanding Latitude’s geography through strategic locations adjacent to key customers as well as through acquisition, which will not only expand our geographic footprint but also our capabilities.
This strategy is in sync with Boyette’s previous messaging to RGN. “My goals have stayed the same for as long as I’ve been talking to you at Latitude Aero — that I want to be the only company in the world that” from a FAA Part 145 Repair Station perspective “can repair and refurbish everything after the cockpit door that the customer sees and touches.”
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