Private equity firm Trive Capital has purchased the minority stake held in Field Aerospace by former chairman Dan Magarian and plans to support growth initiatives of the Cincinnati-based aircraft modification and parts manufacturing company that operates three locations in Toronto, Calgary, and Oklahoma City. Field’s focus includes special-mission aircraft using Bombardier Challenger and Gulfstream airframes.
“Trive has deep experience investing into aerospace and defense businesses and was fortunate to have developed a relationship with the Field ownership team over several years,” said Trive Capital partner David Stinnett. “Field has built an impressive set of capabilities that position it to capitalize on increased spending for modified, special-mission aircraft used in ISR data collection. Moreover, our ability to facilitate an innovative structured capital solution and quickly close this complex transaction in the middle of challenging macroeconomic conditions demonstrates Trive’s ability to creatively deploy capital in the current market.”
Field president and CEO John Mactaggart noted that the addition of Dallas-based Trive as a partner adds leadership expertise, a fresh growth perspective, and the ability to conduct additional acquisitions. “The remaining original shareholders see this as a logical step in the growth of Field,” he added.