Management-led buyout looks to grow AvAir
Chandler-based AvAir, one of the world’s top aviation aftermarket parts suppliers, is under new ownership, backed by a globally recognized investment group. AvAir President Mike Bianco is now CEO via a management-led buyout with a new equity partner, Corrum Capital.
Bianco’s bold leadership paired with Corrum Capital’s institutional expertise in the transportation and aviation industries will forge an aggressive, yet strategic path forward intended to fuel growth and expand AvAir’s global reach.
Bianco, recently honored and named to Airline Economics’ “40 Under 40” list, has been on the AvAir team for 18 years and has served as president for the past 5 years.
“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.”
As part of the buyout, Jason Cipriani, co-managing partner of Corrum Capital Management and Michael Robinson, senior advisor to Corrum Capital Management, will join AvAir’s board of directors, working closely alongside Bianco and his team.
“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 a successful rollout of the renewed strategic vision for the expanding enterprise.
Financial terms were not disclosed. Lewis Roca Rothgerber Christie LLP, Snell and Wilmer, The Cavanagh Law Firm, and Weiss Brown served as transaction counsel to AvAir, Bianco and Ellis, respectively. Moore & Van Allen PLLC acted as transaction counsel to Corrum Capital.