Waco's Blackhawk Aerospace, around since 1999, has become a major player in its niche field. It upgrades turboprop aircraft, installing new parts and even complete engines at its Waco Regional Airport headquarters.Controlling interest in the company has sold, with founder Jim Allmon announcing he struck a deal with New State Capital Partners. A press release says Blackhawk Aerospace management will remain in place."We will stay in Waco, right there at Waco Regional.
There are no major changes at this time, but who knows what the future holds," Blackhawk marketing director Lindsay Allmon said.She said her father, originally from California, first launched Aurora Aviation at McGregor Executive Airport. It relocated to office space in downtown Waco before Allmon secured a hangar at Waco's municipal airport. Operating as Blackhawk, the company acquired a second hangar.
It later placed a breezeway between the two hangars and remodeled the original hangar to replace storage space with offices, Lindsay Allmon said by phone."When Blackhawk took off, he sold Aurora," Allmon said of her father, who was traveling Thursday and unavailable for comment.Blackhawk employs 60 companywide, about 25 in Waco."Everyone is staying as long as they want to stick around," Allmon said.Blackhawk was founded as Blackhawk Modifications, but its name has evolved as it added locations in Huntsville, Alabama and Columbia, Missouri, and divisions that include defense support, maintenance, avionics, composites and aircraft sales. Allmon said the company has business contacts internationally, maintaining a presence in Europe, South America, Africa, Australia and, of course, North America. The buyer, New State Capital Partners, acquired controlling interest in all Blackhawk interests except its composites operations in Morgantown, Kentucky, to be operated separately.In announcing the deal, Jim Allmon said he is pleased to join New State Capital Partners' aviation arm, New State Aviation Holdings."Our family of companies shares a singular focus: to increase an aircraft's capabilities to unrivalled heights while maintaining the highest level of safety possible," he said in the press release."This transformative acquisition more than doubles the size of our business and allows us to expand aircraft platforms serviced," New State Aviation Holdings CEO Chad Cundiff said in the press release.
"AVEX is a market leader in sales, brokerage and maintenance of the Daher TBM, and Blackhawk is the market leader in turboprop engine upgrades."Together, they will allow New State Aviation Holdings to offer a broader suite of services and meet more needs of light turbine aircraft owners, across a variety of aircraft manufacturers."AVEX, acquired by New State in 2021, specializes in selling and maintaining Daher TBM turboprop aircraft. Blackhawk is now pursuing Federal Aviation Administration certification to install upgrades on the airplane. AVEX was founded in 1985, and has operations in Colorado and California.Terms of the sale were not released.
A news release says New State Capital Partners "strives to be nimble, decisive, and cooperative." It strives to create lasting relationships with company founders, has the ability to invest up to $100 million in equity per transaction, and seeks to invest in companies with $8 million to $40 million in earnings before interest, taxes, depreciation and amortization. It has invested in more than 35 companies to date.Its portfolio is diverse, including companies such as United Medical Systems, ArborWorks, Capitol Pain Institute, Gautier Steel and Klein Hersh, an international job placement service focusing on health care and life sciences. The Greater Waco Aerospace Alliance comprises more than 40 aerospace, aviation and related companies from our area and is tasked with promoting the industry in Waco.
Hear from Bob Kromer of Blackhawk Aerospace, a member of the Greater Waco Aerospace Alliance, about why Waco is vital to its continued success. (Source: Greater Waco Chamber of Commerce, 2022) Get the latest local business news delivered FREE to your inbox weekly.