World's largest rotor blade repair company works on blades from
virtually all helos made
Composite Technology, Inc., the
largest independent rotor blade repair company operating worldwide,
has been acquired by a syndicate of Philadelphia based private
equity firms assembled as a holding company called Ranger
CTI is headquartered in the Dallas-Fort Worth Metroplex and has
facilities in Canada, Brazil, England and Singapore. The investor
syndicate includes Meridian Venture Partners, Argosy Investment
Partners, Spring Capital, Ranger Aerospace LLC and other private
investors. Senior financing for the acquisition was provided by
Comerica Bank in Dallas.
CTI was previously owned by an Australian investment group.
Exact terms of the investment will not be disclosed. The closing
date of the acquisition was April 23, 2004.
CTI performs extensive repairs and modifications to rotor blades
for almost every helicopter type built in the world, and is
licensed by Agusta, Bell, Eurocopter, Kazan Helicopters, MD
Helicopters, Schweizer and Sikorsky, and respective local aviation
regulatory authorities. In aggregate through all of its overhaul
facilities, CTI processes on average more than 250 rotor blades
each month, and performs over 200,000 man-hours of technical
CTI has been a market leader in rotor blade repairs for over 30
years for both military and civil helicopters. Specializing in
bonded structures, both metal and composite, CTI also manufactures
composite parts. CTI gives its customers online access to their
repair status through its website, and offers one of the industry's
most aggressive warranty policies (2000 hours or 3 years).
CTI also maintains a rental pool of spare rotor blades and
offers rotor blade exchange, so its customers can keep flying.
CTI's largest facility is in Grand Prairie, Texas (DFW metro area);
other facilities are in Winnipeg, Canada; Rio de Janeiro, Brazil;
Andover, England; and Singapore.
Mike Topa, the long-serving President of Composite Technology,
said that "This new affiliation is expected to expand our
capabilities, broaden our services and enhance our competitive
position." Topa noted that CTI offers various STC's for special
repairs that only CTI performs, and other proprietary bonded repair
techniques. "Our focus remains on customer service, quality,
worldwide support, reduction of direct operating costs and strict
adherence to design authority's standards," Topa added.
Steve Townes, CEO and founder of Ranger Aerospace LLC, commented
that "Composite Technology is a strong and growing company, with an
exceptional reputation for high quality, customer performance,
reliability, and safety. Our objective is to carefully grow CTI as
an integral element in our overall consolidation strategy in
rotorcraft services. Rotor blade repairs and composite repairs are
a steady, growing part of the military and commercial helicopter
aftermarket. CTI is a solid strategic fit, and an important
expansion of our geographic service footprint."
The largest investor in Ranger Composites LLC is Meridian
Venture Partners, with offices in Radnor, PA. "MVP" is a private
equity investment firm that provides capital to later-stage growth
companies, and financing for acquisitions and recapitalizations.
MVP's portfolio companies represent diverse industries, including
aviation, publishing, media, specialty retailing, manufacturing,
life sciences, and software. Part of MVP's stated investment
approach is to invest in companies seeking to consolidate an
industry by acquiring competitors or similar businesses in other
The other institutional investor partners in Ranger Composites
LLC are: Spring Capital Partners, L.P., a local Radnor, PA based
company whose focus is on high performance medium sized companies
in the Mid- Atlantic U.S.; Argosy Investment Partners, L.P., also a
local company based in Wayne, PA, which invests in a broad
portfolio of companies that have strong growth potential, proven
management teams, and a strategic competitive advantage; and Ranger
Aerospace LLC, with offices in Berwyn, PA, is a privately held
investment and management holding company with private equity
institutions, venture capital companies, and management as