- New owner fully supports PiperJet development
- Seeking long-term growth opportunities in Asia, and strengthening current positions in core markets
- Imprimis committed to keeping Piper's headquarters, production and product development facilities in Vero Beach, Fla.
VERO BEACH, Fla., May 1 /PRNewswire/ -- Piper Aircraft, Inc. today announced that its owner, American Capital Ltd. (Nasdaq: ACAS), has sold its 100 percent stake in the company to Imprimis in a private transaction that aims to secure the long-term success of Florida's 72 year-old General Aviation company. Imprimis is a corporate finance and investment management firm that operates from its offices in Bangkok, Singapore and Brunei Darussalam.
Imprimis intends to invest significant capital in Piper's current operations to strengthen its position in its traditional markets and support the development of key new products such as the PiperJet. Imprimis was drawn to Piper because of the significant potential that it sees for Piper to expand its activities into new markets in Asia Pacific, which is expected to experience steady growth for two- to six-seat aircraft over the next five years, in part due to shifting demographics and increasing demand for pilot training from training schools and flying clubs (commercial and private). Outside of long-term plans for growing market share in Asia, the new shareholders are committed to keeping Piper's headquarters, production and product development facilities in Vero Beach,Fla.
"Imprimis brings a level of support that will propel Piper from its current status as a company with a strong heritage, track record of innovation and great potential to one that is growing and pushing the envelope within General Aviation," said Piper President and CEO James K. Bass. "Imprimis' commitment to grow Piper in both existing and emerging markets comes at a time when we are poised to enter a new era in aviation history."
Imprimis Managing Partner Stephen W. Berger pointed to Piper's substantial track record and respect the company enjoys within the General Aviation industry as being among the primary reasons to acquire Piper.
"Piper's capabilities, its excellent dealer family and extensive customer base, coupled with Imprimis' capability to provide financial support, our dedication to growing the companies we invest in and our contacts within Asia provide fertile ground for Piper to expand its business in the Asian market and throughout the world," said Berger.
Berger said that Imprimis had been looking for some time to invest in an aviation company with a proven track record of prospering in the face of serious challenges. Piper has a strong order book despite challenging times thanks to its position as the only general aviation manufacturer to build and offer aircraft for every general aviation mission. Recent examples include:
"Piper's iconic status, coupled with its commitment to product innovation, excellent quality and a management team and workforce second-to-none made it a compelling choice," Berger said. "Imprimis sees this acquisition as a perfect fit as we develop plans for Piper's continued growth in its existing markets and for significant expansion within the Asian markets where much of our focus lies."
Another top priority for Imprimis was a proven track record for innovation and bringing excellent products to market, Berger said.
"Even with the existing worldwide economic recession -- and the toll it has taken on General Aviation, including Piper -- Piper remains strong and well-run, with a strong balance sheet, a comprehensive product line, and a workforce dedicated to providing its customers with excellent products and services," Berger said. "At the same time, Piper has extensive expertise in international markets and the facility to expand into new and emerging markets as well -- all essential to our search criteria."
Imprimis is a corporate finance and investment management firm that operates from its offices in Bangkok, Singapore and Brunei Darussalam.
Private transaction aims to secure the long-term success of Florida's General Aviation company.
Piper will bring a mockup of its new single-engine PiperJet business aircraft featuring a larger and improved cabin and sporting a new name that will be announced on the first day of the show.
While fourth quarter and full-year Piper deliveries will not be announced until February 2011, production activity during 2010 was up by more than 75 percent compared to 2009.