New State Acquires Blackhawk Aerospace

Blackhawk, founded in 1999 as Blackhawk Modifications, Inc., provides engine upgrades for turboprop models designed to improve aircraft speed, climb performance and safety all while extending engine life. Blackhawk has a worldwide network of dealers and service centers to cater to customers in the commercial and government markets. 

Today, Blackhawk Aerospace is composed of Blackhawk Aerospace Upgrades, Blackhawk Aerospace Solutions, and Blackhawk Aerospace Technologies.

According to a statement issued from Blackhawk, the company joins New State’s anchor aviation investment, AVEX, a leading provider of sales and maintenance for the Daher TBM turboprop, acquired in December 2021.

AVEX is an aircraft dealer in North America with a robust maintenance and aftermarket services platform focused on the TBM series. AVEX was founded in 1985 and has operations in Colorado and California.

The statement noted that AVEX and Blackhawk will continue to operate independently, while working together to expand New State's aviation offerings. Blackhawk’s management will remain with the company. Terms of the transaction were not disclosed—however, it was noted that Blackhawk's composite business was not part of this transaction and will therefore remain independent.

“We are very excited to join New State Aviation Holdings and partner with the folks at AVEX,” said Blackhawk CEO Jim Allmon. “Our family of companies shares a singular focus: to increase an aircraft’s capabilities to unrivaled heights while maintaining the highest level of safety possible." 

Allmon noted that Blackhawk is looking forward to working with the New State Aviation team to expand their services.

The feeling is mutual, as Chad Cundiff, CEO of New State Aviation Holdings, said. 

“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," Cundiff said.

New State Capital Partners is an entrepreneurial-minded private equity firm that prides itself on a long-term outlook, approaching each potential investment as an opportunity to create lasting and valuable relationships with company founders and especially independent sponsors. The firm has the ability to invest up to $100 million in equity per transaction and seeks to invest in market-leading companies with $8 million to $40 million of profitability as measured by earning before interest, taxes, depreciation and amortization (EBITDA) in the areas of business services, industrials, and consumer. New State and its affiliates have invested in more than 35 companies to date.