Liberty Hall Capital Partners acquired external cargo handling equipment provider Onboard Systems in a bid to bolster its aerospace and defense investments, the South Carolina-based private equity firm announced on the eve of Heli-Expo 2019. Onboard (Booth B5409) fits within Liberty Hall’s plans to build up a portfolio of niche suppliers of products in aerospace original equipment and aftermarket segments.
“With a 40-year history, Onboard Systems has been recognized as the top provider of helicopter external cargo equipment worldwide through its continuous development and introduction of new, high-performing, proprietary products,” Liberty Hall founder and managing partner Rowan Taylor said. Liberty Hall did not disclose financial terms of the acquisition.
Onboard, based in Vancouver, Washington, provides cargo equipment for civil and military helicopters. Its products—cargo hook suspension systems, cargo hooks, onboard weighing systems, and remote equipment—are on more than 30 helicopter models used by more than 1,000 OEM and aftermarket customers.
The supplier’s management team, led by president Jason Lemmon, will remain in their positions and together hold a “significant” equity position in Onboard. Lemmon said Liberty Hall’s knowledge of the global aerospace industry makes it “an ideal partner for Onboard Systems as we look to execute on our vision and strategy for the next stage of our growth.”
Onboard is Liberty Hall’s sixth aerospace deal since 2013. Its first one was the establishment of Tier II supplier Accurus Aerospace of Tulsa, Oklahoma, followed by its February 2016 acquisition of AIM Aerospace, a Renton, Washington-based designer and manufacturer of advanced composite structures, systems, and engine components. In March 2016, Liberty bought Bromford Industries of Birmingham, UK, a supplier of complex and close-tolerance engine components and assemblies. About a year later, it acquired another Birmingham-based company—Dunlop Aircraft Tyres, which designs, manufactures, and retreads aircraft tires. And four months ago it acquired Colorado-based flight operations software provider Aircraft Performance Group.
Liberty Hall has $2.5 billion in equity capital in more than 25 companies, which include defense businesses and complementary industrial end markets.