Acorn Growth Companies, a private equity firm investing exclusively in aerospace, defense, and intelligence, announced the acquisition of DIMO Corporation (DIMO), headquartered in New Castle.
Founded in 1994, DIMO is a distributor of operationally critical parts and higher-level assemblies for power, electromechanical, life support and mission-specific aircraft systems, a release stated.
“With its reputation in the Aerospace & Defense industry as a trusted advisor to leading OEMs of flight critical parts and government customers, DIMO has positioned itself in the U.S., Middle East, Europe, Latin America, and Asia as a critical enabler of maintenance, repair, overhaul and upgrade (MRO&U) program execution,” said Rick Nagel, managing partner of Acorn Growth Companies. “DIMO’s global operating infrastructure and key relationships with foreign government aerospace and defense procurement organizations will be a tremendous strategic asset to the Acorn portfolio.”
Sohrab Naghshineh, DIMO’s founder, will continue to serve as its president focusing on supporting the company’s strategic growth initiatives as well as assisting other Acorn portfolio companies to address business opportunities in international markets. Omid Naghshineh will serve as COO.
DIMO provides mission-critical parts availability solutions for military aircraft, leveraging long-term exclusive distribution agreements with military system OEMs and its extensive government customer and vendor networks in the U.S., Middle East, Europe, Latin America and Asia to position itself as a critical enabler of maintenance, repair, overhaul and upgrade (MRO&U) program execution, the release stated.
“We could not have picked a better partner than Acorn Growth Companies. We have been impressed with the expertise and professionalism of the entire Acorn team,” said Sohrab Naghshineh, founder of DIMO. “The combination of Acorn’s strong reputation and performance in Aerospace, Defense and Intelligence and DIMO’s extensive inventory and numerous contacts globally for both military and commercial aircraft will be a powerful growth driver for both DIMO and Acorn.”
Acorn Growth Companies is a middle market private equity firm focused exclusively on Aerospace, Defense and Intelligence. The company is based in Oklahoma City.