Seeing the need for additional capital to meet increasing customer demand, Red Aviation of Georgetown, Texas, a supplier of parts and services for Bombardier, Dassault and Gulfstream business jets, has completed “a majority recapitalization” with The CapStreet Group, a Houston-based, private-equity firm that invests in owner-managed, middle-market companies.

“We are thrilled to have the CapStreet team as partners,” said Steve Davis, president and CEO of Red Aviation, and “look forward to leveraging their expertise to take Red Aviation to the next phase of growth.”

Red Aviation’s primary business is the procurement, sale, repair and maintenance of business jet aftermarket parts and engines. Formerly known as Challenger Spares & Support, the company was founded by Stephen and Karen Davis in 2001. Eight years later, they created a sister division, Challenger Repair Group,to supplement repairs in-house. This division later became the Red Aviation Repair Group (RARG), an FAA- and EASA-certified repair station with more than 600 different repair and overhaul capabilities. The company now operates in two locations: Red Aviation, based in Georgetown, which focuses on components and structures; and Turbine Jet Specialties, based in Granbury, Texas, focusing on engines.

During its 12-year history, Red Aviation has assembled an expert staff and has built an inventory of more 12,000 parts.

Remarking on the recapitalization, George Kelly, CEO of The CapStreet Group, said, “We are excited about the future of Red Aviation. The company will be able to capitalize on several growth opportunities stemming from its unique market position and favorable macro-economic trends in the aftermarket business jet industry. We know that Steve and the rest of the Red Aviation team will be great partners as they continue to expand their business.”