Piper Acquired by Asian Fund
William Garvey william_garvey@aviationweek.com
Piper Aircraft Co. announced today that it has been acquired by Imprimis Fund, which purchased 100 percent of Piper's stock from The American Fund, which has owned the planemaker since 2003. The terms of the sale were not disclosed. Imprimis is based in Singapore, but Stephen Berger, its managing partner, is a native of Philadelphia.
"Piper's capabilities, its excellent dealer family and extensive customer base, coupled with Imprimis' capability to provide financial support, our dedication to growing the companies we invest in and our contacts within Asia provide fertile ground for Piper to expand its business in the Asian market and throughout the world," said Berger.
Imprimis said it is committed to keeping the company headquarters and manufacturing facilities in Vero Beach, Fla., maintaining the current management, and making a "significant" investment in growing the company. Reportedly, the new owners are in full support of the PiperJet project, and of expanding the company's presence in the Asian market.
"Everybody is smiling at Piper right now," a company spokesman said. "Imprimis brings a level of support that will propel Piper from its current status as a company with a strong heritage, track record of innovation and great potential to one that is growing and pushing the envelope within General Aviation," said Piper President and CEO James K. Bass. "Imprimis' commitment to grow Piper in both existing and emerging markets comes at a time when we are poised to enter a new era in aviation history."
Piper Merdian photo: Piper
