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Private equity-led deals accounted for almost a fifth of M&A activity in the MRO sector in the first half of 2025, according to research conducted for Inside MRO by Accenture. That momentum has continued into 2026 with the acquisition of Florida-based repair station Airway Aerospace by AxioAero Group.
AxioAero is a holding company formed by private equity firm CORE Industrial Partners, which has added Airway to its acquisition a year ago of Aviation Concepts (ACI), a parts provider and inventory management specialist.
“Combining ACI’s parts distribution network with Airway’s repair offerings improves turnaround times and delivers greater value to customers,” said Jason Fulton, a partner at CORE.
In its research, Accenture observed that private equity companies tended to lean toward segments like modifications, test systems and components, which offer predictable and recurring repair volumes alongside clear scaling opportunities.
Examples in 2025 included Bain Capital’s minority investment in Panama-based MRO Holdings; HIG Capital’s investment in Florida-headquartered STS Aviation Group; and Greenbriar Equity’s purchase of Californian MRO provider Sunvair.
Asset management giant Apollo Global has also taken interest in the aftermarket. After investing €500 million ($583 million) into the airline’s spare engines in 2022, it made a second foray into the company’s maintenance and spares inventory a year later, putting €500 million into an Air France affiliate owning a pool of components.
Airway, founded in 2013, provides maintenance, repair and overhaul (MRO) services focused on accessories, airframe, and powerplant repairs across commercial, cargo, and defense aviation markets.
Active across a range of Airbus and Boeing platforms, its component repairs include hydraulics, pneumatics, fuel systems, flight controls, thrust reversers, nacelles, and fixed-wing structures.
Airway will continue to operate under its own name and current leadership.
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