First Wave MRO agrees to sell its assets to a newly-formed entity.
ClearRidge Capital, an Oklahoma Investment Banking firm, has acquired Oklahoma aerospace firm First Wave MRO. Headquartered in Bristow, OK, First Wave MRO operates in the maintenance, repair, overhaul, and manufacturing of commercial and military aircraft parts. First Wave serves the world’s largest aircraft fleets, air carriers, and operators.
Founded in 1992, First Wave’s core focus is the composite and bonded structure overhaul of engine nacelle system and thrust reversers. The company has a strong reputation for quality, an exceptional FAA compliance history and aerospace certifications including FAA, EASA, CAAC, DCA Thailand, AS9100, and ISO 9000.
In 2005, the company built a 226,000ft2, state of the art multi-purpose facility in Bristow. In 2006, the company added an aircraft interiors division to overhaul seats, passenger service units, and other interior components.
First Wave will retain its existing personnel and will remain at its current facility in Bristow.
First Wave’s new owners, Tray Siegfried and Jon Werthen say in a statement, “We are tremendously excited to have the opportunity to build and grow this company. The potential is clearly present and visible. We plan to operate our company by building upon its past record of success, while driving towards the future development of our capabilities, and expanding into new markets.”
Siegfried and Werthen will both actively manage and operate the company to new levels of growth, sales, and profitability over the next 12 months.
Terms of the transaction are not disclosed.