- Jan 5, 2018
Additional capital will allow the company to capitalize on robust market opportunities
Central Valley Fund (CVF) invested $6.0MM in ComAv, based in Victorville, CA, to finance the growth and expansion of their aircraft transitional services business, as well as their spare part sales and engine leasing businesses. The debt and equity capital will be used to capture dynamic market opportunities in MRO, aircraft transitions, and short and long-term storage for customers, as well as for purchasing airframes for part-out and engines for leasing, as the strong macro-environment for aerospace continues to drive significant industry growth.
Global demand for air travel continues to lift the broader commercial aerospace industry, driving top tier commercial airlines to seek efficiencies through new technology and rapid aircraft acquisition as they transition their fleets. This burgeoning demand for new aircraft is demonstrated by Boeing and Airbus’ delivery backlogs of over 5,700 and 6,700 respectively. ComAv manages vital components of fleet transitions, including the short and long-term storage needs of aircraft, service, and maintenance, and end-of-life asset management.
Most recently, ComAv’s important role in this market was demonstrated by a deal with Southwest Airlines. ComAv took delivery of 60 of Southwest’s Boeing 737 Classic aircraft in a short time span to facilitate Southwest’s transition to the brand-new Boeing 737 Max. The impressive logistics of this deal were highlighted in a recent Bloomberg article. ComAv will work with Southwest to provide management, storage, and necessary maintenance while the fleet is transitioned or fully retired.
ComAv has existing relationships with an impressive list of blue-chip customers and leading commercial airlines. According to Craig Garrick, the company’s CEO, “the relationships with our existing and prospective customers present incredible opportunities for ComAv as we work with them to provide solutions to their unique aviation needs. The CVF team shares our vision for building a world-class aviation services company and is a welcomed partner as we grow.”
José Blanco, a partner at the Central Valley Fund, commented “ComAv, under the leadership of Craig Garrick, has developed an excellent reputation within the aerospace industry for providing outstanding service to its world-class customers. The robust industry outlook combined with excellent management lays the foundation for a very fruitful relationship.”
About ComAv
Founded in Victorville, California in 1998 by Craig Garrick, ComAv provides aerospace asset management services for aircraft owners through its subsidiaries, ComAv Asset Management and ComAv Technical Services. ComAv offers a fully integrated solution for aerospace asset owners wishing to maximize value while managing short-term storage and reactivation, or long-term storage and end of life solutions. As an FAA certified repair station with ample in-hangar and external storage, ComAv provides holistic solutions for commercial airlines, aircraft leasing companies, OEM’s and other aerospace operators. For more information, please visit www.comav.com.
About Central Valley Fund
The Central Valley Fund was established in 2005 to finance later-stage growth and buyout opportunities of small businesses through mezzanine debt and preferred equity investments with over $350 million in committed capital across three funds. The fund has three offices in California – Davis, Fresno, and San Diego and in the Pacific Northwest in Portland – to attend to small businesses seeking capital. It is focused on making investments in California and throughout the Western United States. For more information, please visit www.cvfcapitalpartners.com.
For more information contact:
Craig Garrick
President and CEO
ComAv
Tel: 760-523-5100
Email: cgarrick@comav.com
José Blanco
Managing Partner
CVF Capital Partners
Tel: 530-757-7004 ext. 227
