Written by The Business Journal Staff
A venture capital fund with local ties has put $6 million into an aircraft logistics company out of Victorville.
The Central Valley Fund Capital Partners is making the investment with ComAv to take advantage of what it forecasts as a “burgeoning demand for new aircraft,” according to a press release from CVF.
“ComAv, under the leadership of Craig Garrick, has developed an excellent reputation within the aerospace industry for providing outstanding service to its world-class customers,” said Jose Blanco, a partner at CVF. “The robust industry outlook combined with excellent management lays the foundation for a very fruitful relationship.”
CVF officials cited the remarkable growth that both Boeing and Airbus have seen in the past year, with Boeing having gained 87 percent in stock valuation, according to a January article by the Associated Press.
The companies hope to get a piece of that growth by using the capital to finance the growth and expansion of its footprint in the aviation industry.
ComAv has worked with commercial airlines and other companies in the aerospace sector on the maintenance, operation and redeployment of airline assets, according to Lisa Skeel at ComAv.
Recently, ComAv coordinated the delivery of 60 Boeing 737s with Southwest Airlines during its transition to a newer Boeing Fleet.
The Central Valley Fund has provided financing to companies for late-stage growth and buy-out opportunities through equity and mezzanine debt. It has offices in Fresno, Davis, San Diego and Portland.