Madison Dearborn Partners and CoVant Management Acquire AEVEX Aerospace

Trive Capital Recapitalizes AEVEX Aerospace with $160M Unitranche from Bain Capital Credit

July 15, 2019

Aerospace & Defense

Trive Capital completed a recapitalization of its portfolio company AEVEX Aerospace, with Bain Capital Credit arranging a $160 million senior secured unitranche facility to support the transaction. AEVEX, headquartered in Solana Beach, California, provides airborne intelligence, surveillance and reconnaissance (ISR) services across aircraft services, flight operations support and intelligence solutions; William Blair served as exclusive financial advisor to AEVEX.

New State Capital Partners Acquires AVEX

December 21, 2021

Aerospace & Defense

New State Capital Partners has acquired AVEX, a leading North American dealer and maintenance provider for the Daher TBM turboprop, from founder Terry Winson, who is retiring. AVEX — which operates in California and Colorado and provides aircraft sales, maintenance and aftermarket services — will serve as the anchor investment for New State's new aviation platform; terms were not disclosed.

AEVEX Aerospace Acquires Veth Research Associates

October 1, 2024

Aerospace & Defense

AEVEX Aerospace has acquired Veth Research Associates (VRA), a veteran‑owned specialist in navigation, sensor fusion and autonomous systems, to strengthen its capabilities for operating unmanned systems in jammed and GPS‑denied environments. The deal brings VRA’s LYNX vision‑based navigation system and related IP and expertise into AEVEX’s portfolio, enhancing autonomous navigation and decision‑making for DoD and international customers.

Karman Missile & Space Systems Acquires AAE Aerospace

February 9, 2021

Aerospace & Defense

Karman Missile & Space Systems, a Trive Capital portfolio company, has acquired AAE Aerospace, a manufacturer of high-temperature composites used in missile, interceptor, and space propulsion subsystems. The deal expands Karman's end-to-end production capabilities for critical propulsion components and keeps AAE's senior leadership as equity holders; Trive served as the sponsor and advisors included Lazard Middle Market and D.A. Davidson.

Mercury Systems Acquires Avalex Technologies Corporation

September 27, 2021

Aerospace & Defense

Mercury Systems, Inc. signed a definitive agreement to acquire Avalex Technologies Corporation, a Gulf Breeze, Florida-based provider of mission-critical avionics (rugged displays, communications management, digital video recorders, and warning systems). The all-cash asset purchase (subject to customary adjustments) is expected to be funded with cash on hand and the company's revolving credit facility; Avalex generated approximately $40 million of revenue for the year ended December 31, 2022 with ~25% adjusted EBITDA margins and the deal was expected to close in Mercury's fiscal Q2 2022 (subject to HSR clearance).

Renovo Capital Acquires ADVEEZ

March 24, 2025

Aerospace & Defense

Renovo Capital, a Dallas-based private equity firm, has acquired ADVEEZ, a Toulouse-based developer of specialized hardware and software telematics for aviation ground support equipment. DLA Piper advised Renovo; Renovo intends to invest in R&D, customer care and post-sales support to grow ADVEEZ as part of its IoT platform strategy.