Park City aircraft supplier acquired by private equity group

FMI, a 25-year-old aircraft supplier in Park City, has been acquired by a Florida-based private equity group.

Financial terms of the deal with AE Industrial Partners, which closed Oct. 31, were not disclosed.

“There is no other private equity firm with the depth and breadth of AEI’s aerospace experience, and we are excited to partner with their team of professionals,” Rick Nutt, founder and CEO of FMI, said in a news release from AE Industrial. “We are confident that our management team and our business will take a giant step forward, backed by the industry experience, strategic vision and financial resources of AEI.”

FMI specializes in large-scale aircraft parts and complex subassemblies including for Boeing’s 737 Next Generation, 737 Max, 777, and 787 Dreamliner passenger jets.

Boca Raton-based AE Industrial invests primarily in aerospace, power generation, and specialty industrial companies. It is one of four investors in Global Jet Capital, a business aircraft financing firm run by former Hawker Beechcraft executives Shawn Vick and Bill Boisture.

This story was originally published November 9, 2017 at 12:28 PM with the headline "Park City aircraft supplier acquired by private equity group."