Privately held Beechcraft King Air modification specialist Commuter Air Technology (CAT) has been acquired by private investment firm Acorn Growth Equities, which plans to target the special-mission market as well as other aircraft types.
While the new owner expects growing sales of CAT’s nine- to 13-seat Catpass 250 version of the King Air 200 to airlines in developing countries, “the special-mission market is what attracted us”, says Rick Nagel, Acorn president and interim president of CAT. “We are a defence-oriented aerospace private investment firm.”
The Catpass 250 incorporates a package of 18 enhancements that improve speed, range, payload and the aircraft’s ability to operate in harsh environments. In addition to stepping up marketing efforts in Canada, Central America, Africa and South-East Asia, “we want to use the modification package to better support the special-mission requirements of the US and its allies”, says Nagel.
Acorn’s investment will enable Scottsdale, Arizona-based CAT to upgrade its business systems, project management and marketing, says Nagel. Research and development resources will also be increased to allow CAT to expand into modifying other platforms, beginning with small and medium turboprops and moving into smaller jets. This could involve the acquisition of other niche companies, he says.
Nagel says Acorn also has plans to develop CAT’s maintenance, repair and overhaul (MRO) capabilities. “We would like to grow into MRO in the longer term,” he says. Oklahoma City-based Acorn normally invests in early-stage companies involved in supporting ageing US military aircraft, and CAT is the first step in a new strategy of acquiring later-stage companies providing mission-critical support, he says.
GRAHAM WARWICK/WASHINGTON DC
Source: Flight International
