TULSA, OKLAHOMA –December 17, 2012 – ClearRidge Capital, an Oklahoma Investment Banking firm, announces the acquisition of Oklahoma aerospace firm First Wave MRO by seasoned Tulsa aerospace executives, Tray Siegfried and Jon Werthen. First Wave MRO is headquartered in Bristow, Oklahoma and 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. ClearRidge Capital represented First Wave’s owners in the sale of the business.
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 226,000-square-foot, state of the art multipurpose facility in Bristow, Oklahoma. In 2006, the company added and 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, Oklahoma.
First Wave’s new owners, Tray Siegfried and Jon Werthen said, “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.”
Mr. Siegfried and Mr. 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.
About First Wave
First Wave’s technical competencies center on the maintenance of bonded honeycomb structures, pneumatic ducting and the welding of exotic alloys. The company’s primary focus is on the repair and overhaul of engine nacelle structures such as nose cowls, fan cowls, thrust reversers and exhaust nozzles. In addition to nacelles, First Wave also specializes in the repair and overhaul of flight surfaces, engine acoustic liners, aircraft ducting and tubing, and many additional airframe and system related components.
First Wave is a FAR Part 145 maintenance organization with EASA dual release authority, as well as support agreements with various Original Equipment Manufacturers. The quality system is designed to comply with FAR–145, EASA–145 and CASE 1A standards, as well as most international Civil Aviation Authorities, with the goal of exceeding airline quality and engineering requirements. First Wave also has Limited Airframe, Limited Emergency Equipment and Limited Specialized Services ratings. For further information, visit www.firstwave.aero.
About Tray Siegfried and Jon Werthen
Mr. Siegfried brings over 20 years’ aviation experience, including positions held in executive level management in operations, boards, business jet sales and marketing, and military aviation. A professional career aviator, he holds multiple type ratings, an Airline Transport Pilot Rating, and is a US Air Force Command Pilot. He has deployed on numerous combat operations. Mr. Siegfried will serve as CEO in the new venture.
Mr. Werthen is founder and CEO of a 25 year-old aerospace manufacturing firm located in Broken Arrow, Oklahoma, which specializes in complex metal forming, welding, and assembly of large structures and aerospace tooling. Mr. Werthen brings the technical and precision expertise necessary to ensure a “beyond expectations experience” with demanding aerospace customers.
About ClearRidge Capital
ClearRidge provides Merger & Acquisition, Corporate Finance, and Restructuring advisory services for midsized companies. ClearRidge has completed M&A transactions, restructured and advised on new and replacement capital for midsized companies across the US and Canada. For further information, visit www.clearridgecapital.com.
