AP NEWS
Click to copy
Press release content from Business Wire. The AP news staff was not involved in its creation.
Click to copy
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

Acorn Growth Companies Acquires DIMO

May 14, 2019

OKLAHOMA CITY--(BUSINESS WIRE)--May 14, 2019--

Acorn Growth Companies, a private equity firm investing exclusively in aerospace, defense and intelligence, announced today the acquisition of DIMO Corporation (DIMO), headquartered in New Castle, Delaware.

Founded in 1994, DIMO has established itself as a leading value-added distributor of operationally critical parts and higher-level assemblies for power, electromechanical, life support and mission-specific aircraft systems.

“With its reputation in the Aerospace & Defense industry as a trusted advisor to leading OEMs of flight critical parts and government customers, DIMO has positioned itself in the U.S., Middle East, Europe, Latin America and Asia as a critical enabler of maintenance, repair, overhaul and upgrade (MRO&U) program execution,” said Rick Nagel, managing partner of Acorn Growth Companies. “DIMO’s global operating infrastructure and key relationships with foreign government aerospace and defense procurement organizations will be a tremendous strategic asset to the Acorn portfolio.”

Sohrab Naghshineh, DIMO’s founder, will continue to serve as its president focusing on supporting the company’s strategic growth initiatives as well as assisting other Acorn portfolio companies to address business opportunities in international markets. Omid Naghshineh will serve as COO.

DIMO’s core focus is on addressing the part availability challenges that impair the operations of military aircraft fleet operators globally. DIMO has positioned itself at the nexus of post-production support on high-value systems for military aircraft fleets. DIMO provides mission-critical parts availability solutions for military aircraft, leveraging long-term exclusive distribution agreements with military system OEMs and its extensive government customer and vendor networks in the U.S., Middle East, Europe, Latin America and Asia to position itself as a critical enabler of maintenance, repair, overhaul and upgrade (MRO&U) program execution.

“We could not have picked a better partner than Acorn Growth Companies. We have been impressed with the expertise and professionalism of the entire Acorn team,” said Sohrab Naghshineh, founder of DIMO. “The combination of Acorn’s strong reputation and performance in Aerospace, Defense and Intelligence and DIMO’s extensive inventory and numerous contacts globally for both military and commercial aircraft will be a powerful growth driver for both DIMO and Acorn.”

Terms of the transaction were not disclosed.

DIMO  provides mission-critical parts availability solutions for military aircraft operated by the U.S. and its allies. Founded in 1994 in New Castle, Delaware, DIMO has established itself as a leading value-added distributor of operationally critical parts and higher-level assemblies for power, electromechanical, life support, and mission-specific aircraft systems.

Acorn Growth Companies  is a middle market private equity firm focused exclusively on Aerospace, Defense and Intelligence. Acorn invests solely in operating companies that strive to enhance global mobility and protect national interests. Acorn has a formidable reputation in the industry and is recognized for its deep understanding of the Aerospace & Defense markets, with proprietary access to the best companies within these sectors. With operational expertise and its ability to lead and manage investments through variable economic and industry cycles, Acorn works in tandem with management to build its portfolio companies into significant market leaders.  AcornGrowthCompanies.com

View source version on businesswire.com:https://www.businesswire.com/news/home/20190514006028/en/

CONTACT: Media Contact:

Kath Searle, Acorn

682.888.4466Investor Contact:

Brandon Bradford, Acorn

917.224.8399

KEYWORD: UNITED STATES NORTH AMERICA DELAWARE OKLAHOMA

INDUSTRY KEYWORD: MANUFACTURING AEROSPACE PROFESSIONAL SERVICES FINANCE DEFENSE CONTRACTS OTHER DEFENSE

SOURCE: Acorn Growth Companies

Copyright Business Wire 2019.

PUB: 05/14/2019 03:40 PM/DISC: 05/14/2019 03:40 PM

http://www.businesswire.com/news/home/20190514006028/en

All contents © copyright 2019 The Associated Press. All rights reserved.