KRG Capital Partners acquires PAS Technologies
Friday, October 8.
Denver private equity firm KRG Capital Partners has acquired PAS Technologies Inc., a Kansas City aviation part repair business, for an undisclosed amount.
KRG acquired PAS as an investment for its $1.96 billion fund IV, and PAS is the second aerospace investment in that fund. KRG also invested in Tronair Holdings Inc., a manufacturer and marketer of aircraft ground support equipment.
PAS' former owner, Gridiron Capital LLC of New Canaan, Conn., sold its stock after four years of majority ownership. Gridiron bought the former Praxair Surface Technologies Inc. in July 2006 and changed its name to PAS Technologies.
The business had about $67 million in revenue when Gridiron acquired it, and PAS doubled in size since then under the leadership of Robert Weiner, who died in May. Phil Milazzo, who was mentored by Weiner for 11 years, took over as CEO.
“We are excited to be partnering with the PAS team,” KRG Managing Director Chuck Hamilton said in a release. “PAS is a customer-focused organization with impressive global repair and coating capabilities that enable it to deliver value-added solutions for its partners. We expect to continue to invest in the company’s people and technologies to expand PAS’ growth opportunities and to build upon the impressive operations that its management has developed.”
KRG said it made the investment because it sees value in the company’s innovative repairs for high-wear parts to extend the useful life of components that are costly to replace.
“The PAS team has spent considerable time with KRG and is looking forward to the new partnership,” Milazzo said in the release. “We believe KRG and PAS share a common approach to conducting business with the highest standards and KRG’s resources and investment philosophy will enable us to accelerate our development of innovative repair and coating capabilities.”