River Capital Represents Piedmont Aviation Services, Inc. in its Sale to Piedmont Hawthorne Aviation, a Carlyle Group Portfolio Company
River Capital, an Atlanta-based private investment firm, has sold its interest in Piedmont Aviation Services, Inc. (“Piedmont Aviation”). Piedmont Aviation will merge with Hawthorne Aviation to become Piedmont Hawthorne Aviation. The Carlyle Group, a Washington, DC-based private investment firm, will merge as the majority stockholder in the new company, which will be headquartered in Winston-Salem, NC.
Piedmont Aviation operates general aviation facilities serving the corporate, charter and private aviation markets. The Company also provides maintenance and overhaul services, charter services, flight training, and aircraft sales.
River Capital is one of the oldest firms of its type in the Southeast and has acquired companies in a broad range of industries with combined annual revenues in excess of $600 million. River Capital primarily invests in light manufacturing, distribution and select service companies with purchase prices of $10 million to $50 million. For add-on acquisition candidates, the firm will consider companies with a purchase price less than $10 million.