Aspen Avionics announced it has entered into an agreement in principle to become a member of the AIRO Group of companies. Under this agreement, Aspen Avionics will continue to operate as it does presently; continuing to support the general aviation market segment.

As part of the AIRO Group, Aspen will expand its investments, resources, and new technologies in not only avionics for general aviation but also to offer avionics solutions for manned and unmanned flight platforms for commercial, military, robotics and multi-modal aircraft. Additionally, Aspen will be key in providing electronics engineering, product development, supply chain, customer support, and marketing disciplines to support other AIRO Group companies.

"The AIRO Group and its associated portfolio of businesses operating in rapidly growing aerospace segments are positioned to be a major mid-market aerospace entity helping define the next generation of aerospace technologies. Aspen's technology, manufacturing, and engineering development capabilities will be key to the success of AIRO," said Dr. Chirinjeev Kathuria, chairman of the board, AIRO Group.

"As a recognised innovator in the general aviation segment, Aspen's inclusion in the AIRO Group's diversified company portfolio not only helps strengthen Aspen Avionics current business lines but opens up opportunities in other aerospace markets that will enable future growth and innovation," said John Uczekaj, president and CEO of Aspen Avionics. "This is a very exciting development for our current and future customers as well as our employees and allows us to take our business to a higher level. We are glad to be a part of the comprehensive and diversified group of aerospace technology companies AIRO is building that span a wide range of rapidly growing aerospace markets," continued Uczekaj.

"This agreement is a welcome opportunity to grow and strengthen Aspen Avionics and the AIRO Group which will leverage the strengths of both businesses to benefit the general and commercial aviation community and high growth markets in autonomous flight and military training," said Joe Burns, CEO, the AIRO Group.

"The AIRO Group is a dynamic new-entry, integrated mid-cap Aerospace & Defense (A&D) platform focused on disruptive technologies supporting three complementary lines of business: Drone Technology / Urban Air Mobility, Advanced Avionics and Defense & Training. The inclusion of leading technology companies like Aspen Avionics helps the AIRO Group further capitalize on the attractive A&D market trends around autonomy, avionics, and military training. We are excited to work with the AIRO Group, Aspen Avionics and their partners to help realize the potential of this unique market opportunity," said Chris Gidden, Managing Director and Global Head of A&D for Stephens.

Stephens is serving as the financial advisor to the AIRO Group. KippsDeSanto is advising Aspen Avionics. The transaction is expected to be completed by the end of 2020.