AxioAero Acquires Airway Aerospace, Deepening PE's MRO Push

NASHVILLE, TN – January 09, 2026 – AxioAero Group, a portfolio company of private equity firm CORE Industrial Partners, has acquired Airway Aerospace LLC, a specialized provider of maintenance, repair, and overhaul (MRO) services. The deal, completed on December 17, 2025, marks a significant step in AxioAero's strategy to build a comprehensive platform in the high-demand aviation aftermarket sector. XLCS Partners, a middle-market investment bank, served as the exclusive M&A advisor to Airway Aerospace in the transaction.

This acquisition is the second for the AxioAero platform, following its purchase of parts distributor Aviation Concepts in January 2024—a deal also facilitated by XLCS Partners. The move underscores a powerful trend of private equity-fueled consolidation within the aviation MRO industry, as investors seek to capitalize on the sector's recurring revenue streams and opportunities for scale.

A Strategic 'Buy-and-Build' in the Skies

The acquisition of Airway Aerospace is a cornerstone of AxioAero's deliberate 'buy-and-build' strategy. Backed by CORE Industrial Partners, AxioAero aims to create a differentiated platform that integrates various facets of the aerospace supply chain. The combination of Airway’s component repair expertise with Aviation Concepts’ parts distribution network is designed to create significant operational synergies, reduce turnaround times, and deliver a more integrated value proposition to a global customer base.

Airway Aerospace will continue to operate under its current name and leadership, a move intended to preserve the company's established brand identity and operational agility while leveraging the resources of the larger group for accelerated growth. This approach allows AxioAero to benefit from Airway's decade-long reputation for quality and responsiveness without disrupting the culture that made it a success. The integration is expected to enhance AxioAero's capabilities across commercial, cargo, and defense aviation markets, strengthening its position as a versatile aftermarket service provider.

"For more than a decade, we've taken pride in building Airway into a trusted repair partner known for reliability, responsiveness, and a commitment to quality," said Joe Ferrer, Owner of Airway. "Our success is driven by the dedication of our team and the strong relationships we've built with customers over the years. We view AxioAero as the ideal partner to support our continued growth while maintaining the standards and values that define Airway."

From Humble Beginnings to a Prime Acquisition Target

Founded in 2013, Airway Aerospace carved out a vital niche in the competitive MRO landscape. The company's journey from a startup to a highly sought-after acquisition target is a testament to its specialized focus and commitment to technical excellence. Co-Owner Jackie Ferrer reflected on the company's origins, stating, "It still feels like yesterday that we were shoveling gravel and using scissor lifts to build Airway from scratch. Seeing what the team has accomplished is truly humbling."

Operating from facilities in Florida and Georgia, Airway developed a robust set of capabilities in repairing complex aircraft components. The company holds critical certifications from the FAA, EASA, and the UK's CAA, alongside specialized RS-DER repair authority and Owner-Produced Parts capabilities. This allows it to service a wide array of systems, including hydraulics, pneumatics, fuel systems, flight controls, thrust reversers, and nacelles. Its expertise spans some of the most widely used aircraft platforms in the world, such as the Boeing 737 and Airbus A320 families, as well as wide-body cargo jets like the Boeing 747/767 and military variants of the Boeing 707. This deep technical proficiency and broad market application made Airway an especially strong strategic fit for AxioAero's expanding portfolio.

Private Equity Reshapes the MRO Landscape

The AxioAero-Airway deal is not an isolated event but rather a reflection of a powerful industry-wide trend. Private equity firms are increasingly active in the aviation MRO sector, which saw PE-led transactions account for nearly 20% of all M&A activity in the first half of 2025. Firms like CORE Industrial Partners are drawn to the sector's predictable, non-discretionary spending and clear opportunities for value creation through consolidation and operational improvements.

CORE Industrial Partners, which manages over $1.58 billion in capital commitments, specializes in investing in lower middle-market manufacturing and industrial service businesses. Its strategy often involves creating platform companies and using an operational playbook to drive growth—a model perfectly exemplified by its formation and expansion of AxioAero Group. This investment thesis targets segments like component repair and parts distribution, which offer recurring revenue and significant scaling potential. The broader market has seen similar moves from other major private equity players, indicating a sustained investor appetite for assets that provide mission-critical services to the global aviation fleet.

The Architects Behind the Deal

Navigating the complexities of an aerospace M&A transaction requires specialized expertise, a role filled in this case by XLCS Partners. The investment bank's position as the exclusive advisor to Airway Aerospace marks the second time it has orchestrated a key acquisition for the AxioAero platform. This repeat business solidifies XLCS Partners' reputation as a go-to advisor in the Aerospace & Defense sector.

"XLCS continues to deliver best-in-class M&A results for its clients across the Aviation, Aerospace, and Defense sector," commented Joe Contaldo, Partner and head of the firm's A&D practice. "It's rewarding to see great deals come together, with stellar outcomes for our clients." The transaction was led by Contaldo and Senior Associate Noah Shertzer, demonstrating the firm's deep bench of talent in the space.

For family-owned businesses like Airway Aerospace, the guidance of an experienced advisor is critical. Jackie Ferrer noted, "Joining the AxioAero family allows us to keep innovating, supporting our customers, and creating new opportunities for our employees while staying true to who we are. We would, without hesitation, recommend XLCS to anyone considering selling their business." This endorsement highlights the crucial role that strategic advisory plays in aligning entrepreneurial success with long-term corporate growth, ensuring that the legacy and culture of an acquired company are preserved as it enters its next chapter.