Raisbeck Engineering announced its decision to sign a definitive acquisition agreement with Butterfield Industries (“BI”) for all of its products and STCs. The deal is anticipated to close on or before October 31, 2017.
Butterfield Industries produces FAA approved replacement parts for numerous King Air models. Key products include: PMA Direct Replacement Floorboards, Fuel Point Pans, Oil Residue Collection Systems, Air/Oil Separator Systems and Flow-Through Anti-Ice Kits.
“BI’s products are a natural fit with Raisbeck’s King Air offerings,” stated James Raisbeck, Founder and Chairman of Raisbeck Engineering. “Wayne Butterfield, the founder of Butterfield Industries and principal inventor of its systems, has been a corporate partner and friend dating back to 1982. Many of the aircraft that carry Raisbeck modifications also carry Butterfield systems.”
“We have found the right partner in REI,” commented Wayne Butterfield, Founder and CEO of Butterfield Industries. “REI’s established dealer distribution network will enable our products to reach a larger customer base.” “We are pleased at the synergies between the businesses, creating an environment for strategic growth as BI products are integrated into REI product and system offerings” remarked Rick Nagel, Managing Partner of Acorn Growth Companies, the owner and managing partner of Raisbeck. Terms of the transaction are not announced.