MAG Aerospace has announced that it has partnered with New Mountain Capital, LLC, a growth-oriented investment firm that currently manages over $20 billion in assets.
MAG operates over 200 aerial platforms across six continents. MAG customers include U.S. government defense and civilian agencies, intergovernmental organizations including the UN and NATO, and allied governments. MAG also supports a wide range of humanitarian missions including FEMA’s disaster relief efforts in the Caribbean following the 2017 Atlantic hurricane season, forest fire detection in Canada, and United Nations-led peacekeeping and environmental monitoring.
New Mountain, a New York-based private equity firm, identified MAG through a proactive focus on the federal services industry. New Mountain is providing MAG with significant financial and strategic resources to support future growth initiatives, which include launching new contracts and pursuing acquisitions.
“New Mountain is the perfect partner to help MAG execute on its current strategy and plans for future growth,” said Joe Fluet, CEO and founder of MAG. “New Mountain is known for its focus on partnering with founders and its business building approach, and MAG will have deep resources at its disposal to help us achieve our strategic growth objectives. We look forward to our partnership and the benefits it will yield for our customers and employees.”
“MAG has a strong reputation as the emerging leader in the rapidly-growing area of aerial sensors and surveillance, and we are thrilled to partner with Joe and the broader team to support MAG’s next phase of growth,” said Robert Mulcare, managing director at New Mountain Capital. “The company has an exceptional track record of growth, driven by its unique capabilities in delivering critical ISR missions, and is superbly positioned to continue that success.”
“New Mountain has been focused in the ISR market for many years, and we are excited to announce a partnership with MAG,” said Bert Notini, managing director at New Mountain Capital. “We look forward to working closely with management to help MAG realize its full potential by investing behind both organic growth initiatives and acquisitions, all while maintaining the unmatched execution and customer service which have been the hallmarks of MAG’s success.”
William Blair served as financial advisor and Cooley LLP served as legal counsel to MAG Aerospace. Wells Fargo and Jefferies served as financial advisors and Ropes & Gray LLP provided legal counsel to New Mountain Capital.