Tronair, Inc. Acquires Arvico Corporation
Tronair, Inc. (“Tronair”), a River Capital portfolio company, has announced its acquisition of Arvico Corporation (“Arvico”), based in Palm Beach, Florida. Arvico, which will operate as a wholly owned subsidiary of Tronair, engineers, manufactures and distributes diesel ground power units and air start units to the major airlines, regional airlines, government and military organizations around the world. The purchase price was not disclosed.
Jerry Wethington, Chairman of the Board of Tronair and Managing Director of River Capital, said, “Arvico was attractive due to their superior line of products and reputation in the market. They will complement Tronair’s product line and reputation as the world leader in ground support equipment.”
Tronair is one of the largest ground support equipment manufacturers. Tronair has a diverse product line to serve both domestic and international customers.
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.