Acorn Capital Management

What Acorn Capital Management does

Acorn Capital Management is a middle-market private equity firm founded in 2000 and headquartered in Oklahoma City, with regional offices in Washington, D.C. and London. The firm exclusively invests in operating companies within the aerospace, defense, intelligence, and space (AD&I) sectors, deploying equity capital in the $30–200 million range per company through successive funds (currently Fund VI). Acorn operates more than 30 named team members and advisors, with deep government, military, and aerospace credentials (including former NASA Administrator Jim Bridenstine, retired Admiral Bobby R. Inman, and former Oklahoma Governor Frank Keating), and sources deals through proprietary networks rather than competitive auction processes.

The firm earns revenue through private equity fund management — collecting management fees and carried interest on committed and invested capital across Funds IV, V, and VI. Its go-to-market motion is enterprise field sales driven by two decades of industry relationships, with portfolio companies spanning six core groups: Composites, Finance, Defense Electronics, Services, Materials, and Integrated Defense/Engineering/Software Solutions. Current and recently exited holdings include Berry Aviation (government aviation, divesting for $105M to Bristow), DIMO, EirTrade Aviation (MRO/asset management), Pan Am Flight Academy and Alliance Aviation (flight training), Raisbeck, Robbins-Gioia, Sentry Aerospares (aircraft rotable distribution), TSS Solutions (radar, SATCOM, TIGAR system), and MTI Aviation (component repair, Fund VI first platform).

The portfolio's technical surface encompasses defense electronics (TSS Solutions' modernized AN/TPS-43-based TIGAR tactical radar and the AI/ML/XR/VR-enabled TSS Next-Gen Technologies initiative), aircraft MRO and components, UAS/C-UAS, cyber security, engineering services, manufacturing, distribution, and logistics. Distribution is conducted globally, with named customer relationships spanning U.S. federal agencies (via GSA MAS contract 47QSMS25D00BZ), the Ecuadorian Air Force, major flag carriers, and more than 600 commercial airlines, lessors, cargo operators, and MROs served by Sentry Aerospares. Single-asset continuation funds and diversified secondaries sponsors (Kline Hill Partners, LSV Advisors) extend hold periods and capital flexibility.

Name

Acorn Capital Management

Legal name

Acorn Capital Management

Website

https://acorncapitalmanagement.com/

Company type

Private

Founded year

2005

Operating status

Operating

Headcount range

11–50 employees

Short description

Acorn Capital Management is a middle-market private equity firm that exclusively invests $30–200 million per company in aerospace, defense, intelligence, and space operators, managing multiple funds from Oklahoma City. Its portfolio spans defense electronics, aircraft MRO, flight training, and aviation distribution across the AD&I value chain.

Ownership category

akta.pro rank

Product category

Private Equity Investment Management (Aerospace, Defense, Intelligence, Space)

NAICS

Portfolio Management and Investment Advice (52394), All Other Financial Investment Activities (52399)

SIC

Investors, Nec (6799)

akta.pro primary industry

Corporate Strategic Real Assets & Infrastructure Venture Investing (FSANAHAN)

akta.pro secondary industry

Capital Raising Advisory (Equity & Equity-Linked) (FSAEAGAC)

Keywords

• Private equity
• Aerospace investment
• Defense investment
• Investment management
• Middle-market investing

Headquarters

HQ city

Oklahoma City

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Private Equity Fund Management: Acorn generates revenue through private equity fund management, collecting management fees and carried interest (performance fees) from its investment funds. The firm has raised multiple funds across its 20+ year history, with Fund VI currently active. MTI Aviation represents Fund VI's first platform investment.

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels3 records

Core offering

Acorn Capital Management is a middle-market private equity firm that invests equity capital of $30–200 million per transaction in companies operating in the aerospace, defense, intelligence, and space sectors, structured through successive dedicated funds (including Funds IV, V, and VI and the SAIL I aviation leasing vehicle). The firm sources, executes, and manages these investments and provides portfolio companies with strategic capital, governance support, and access to its defense and aerospace advisor network.

Product overview

Acorn Capital Management is a middle-market private equity investment firm that exclusively invests in the aerospace, defense, intelligence, and space sectors. Rather than offering a unified product platform, Acorn builds value through a portfolio of operating companies that provide complementary capabilities across the aviation and defense value chain. The portfolio includes: Berry Aviation (government/defense aviation services), DIMO (technology services), EirTrade Aviation (aviation asset management and trading), Pan Am Flight Academy (flight training including simulator-based programs), Raisbeck and Robbins-Gioia (aerospace/defense services), Sentry Aerospares (aircraft rotable component distribution), and TSS Solutions (defense electronics, radar, and SATCOM systems). Recent additions include MTI Aviation (component repair and overhaul) acquired in 2026 as the first Fund VI platform investment, and Alliance Aviation (flight training) acquired by Pan Am Flight Academy in early 2026. Products like TSS Solutions' TIGAR radar system and the TSS Next-Gen Technologies initiative represent the portfolio's focus on defense electronics innovation.

Differentiator

Problem solved

Functional benefit

Products and services

• Acorn Capital Fund IV (and successor Funds V and VI) Private equity investment funds managed by Acorn Capital that invest equity of $30–200 million per transaction in middle-market aerospace, defense, intelligence, and space companies; offered to qualified limited partners as fund commitments.
• Scissortail Aviation Leasing (SAIL I) Aviation leasing investment vehicle (SAIL I) under Acorn Capital that finances aircraft assets, complementing the firm's buyout activity in aerospace and defense.
• AltAero Aviation Finance Aviation finance and leasing subsidiary that finances aircraft for operators and lessees in the commercial and special-mission aviation markets.

Quantifiable outcome

• Sentry Aerospares business more than doubled since 2019 investment and 2022 merger, establishing leading independent stocking distributor position with transatlantic stocking locations.
• +2 more outcomes

Named customers5 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Six partnerships are on record, tiered core, minor and strategic.

• MTI AviationcoreStrategic or Co-development Partner · 20 April 2026Acorn agreed to acquire a majority interest in MTI Aviation, a leading provider of repair, overhaul, and parts distribution services for electro-mechanical, hydraulics, pneumatics, and power generation components. MTI's founder and CEO Jorge Mejia remains a significant shareholder and continues to lead the company. This represents Acorn's first platform investment in Fund VI, with the partnership aiming to accelerate growth through organic expansion and targeted add-on acquisitions.
• Alliance AviationcoreStrategic or Co-development Partner · 7 January 2026Pan Am Flight Academy acquired Alliance Aviation, a leading Part 142 flight training organization with strong customer relationships across Latin America. Alliance operates as a division of Pan Am under continued leadership of Federico Flores, enhancing simulator-based training offerings and global flight training market position.
• General Services Administration (GSA)coreStrategic or Co-development Partner · 5 December 2025TSS Solutions was awarded a Multiple Award Schedule (MAS) contracting vehicle by the GSA (contract 47QSMS25D00BZ), enabling government agencies to directly obtain TSS products, parts, and services. The government-wide small-business contract runs through September 2030 with three additional five-year option periods, totaling potential 20-year contract life.
• EirTrade AviationcoreStrategic or Co-development Partner · 7 May 2025EirTrade Aviation acts as servicer and asset manager for Acorn's aviation investments, including managing aircraft assets beyond the term of leases and supporting monetization of engines and airframes through disassembly and part-out. EirTrade is a portfolio company of Acorn.
• Clifford Chance US LLP, Clyde & Co LLP, MilbankminorOthers · 7 May 2025Legal counsel provided by Clifford Chance US LLP, Clyde & Co LLP, and Milbank for the aircraft acquisition transaction.
• Mississippi State UniversitystrategicStrategic or Co-development Partner · 10 April 2025TSS Solutions entered into a strategic agreement with Mississippi State University to jointly research, develop, and rapidly prototype solutions in defense electronics, SATCOM, AI/ML, cyber-resiliency, and radar. The partnership is anticipated to produce more than 50 new high-tech jobs and address threat detection and satellite communications challenges through AI-ML-powered autonomous solutions.

Scale indicators6 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• AE Industrial Partners: Private equity firm focused on aerospace, defense, and industrial services with multiple platform investments across the AD&I value chain. Comparable to Acorn in its concentrated AD&I thesis and middle-market deployment approach, though typically at a slightly larger fund scale.
• Arlington Capital Partners: Middle-market private equity firm exclusively focused on aerospace, defense, government services, and healthcare. Highly comparable to Acorn given its AD&I specialization, similar fund size, and Washington D.C.-based operating model targeting government-adjacent businesses.
• Blue Delta Capital Partners: Private equity firm focused on aerospace, defense, and government services markets. Highly comparable niche AD&I focus with similar middle-market investment range and emphasis on operating company partnerships.
• Mercury Capital Partners: Lower-middle-market private equity firm focused on aerospace and defense sectors with deep industry relationships. Comparable to Acorn given its exclusive AD&I focus and similar deal-size range targeting operating companies in the aerospace and defense supply chain.
• Greenbriar Equity Group: Private equity firm specializing in aerospace, defense, and industrial services, with extensive portfolio across distribution, MRO, and manufacturing. Comparable to Acorn's focus on the mid-market aerospace and defense value chain.
• ATL Partners: Middle-market private equity firm investing in aerospace, transportation, logistics, and related industries. Comparable to Acorn in fund size, sector specialization, and operational partnership model with management teams in industrial-defence adjacencies.

Broad incumbents

• Clayton, Dubilier & Rice: Large private equity firm with industrial and aerospace services exposure. Comparable as a broader incumbent operating in similar end markets, though CD&R's portfolio approach is more diversified beyond pure AD&I.
• The Carlyle Group: Global private equity giant with a dedicated Aerospace, Defense & Government Services franchise. While far larger than Acorn, Carlyle competes for similar assets and represents both a competitive threat and a strategic exit channel for Acorn's portfolio companies.
• Booz Allen Hamilton: Major management and technology consulting firm with deep government and defense contractor relationships. While not a direct PE competitor, Booz Allen's strategic advisory and government contracting expertise makes it a relevant comparable given Acorn's AD&I focus and policy advisor bench.
• KKR & Co. Diversified global alternative asset manager with significant aerospace and defense exposure across funds. While Acorn operates at a far smaller scale, KKR's AD&I practice competes for similar middle-market aerospace and defense opportunities.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/acorncm
• Facebookfacebook.com/AcornCapitalManagement

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries11 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Acorn Capital Management