LONDON (6 Sept. 2023) – Today, Baird Capital’s Private Equity team announced that it has exited its investment in portfolio company CAV Systems Group (“CAV” or the “Business”) to Loar Group Inc. (“Loar”), a diversified aerospace manufacturer and supplier with established relationships across aerospace and defense OEMs, Tier One manufacturers, and airline customers worldwide. CAV is a leading provider of in-flight ice protection and drag reduction technology to general aviation, commercial aerospace and defense markets worldwide.

Headquartered in Consett, County Durham, CAV’s proprietary Ice Protection systems provide a unique solution to a critical safety challenge in general aviation that is increasingly applicable to advanced air mobility platforms. CAV is also a technology and manufacturing partner to major commercial OEMs for hybrid laminar flow control (HLFC) drag reduction systems. 

Baird Capital invested in CAV in 2017, and Partners James Benfield and Dennis Hall joined the board of directors. Through the investment period, Baird Capital supported the business with implementing commercial and operational improvements to its sales & marketing strategy and upgrading the business infrastructure to improve manufacturing efficiency, laying the foundations for growth and enabling the business to secure new OEM opportunities.

“CAV is a global leader in in-flight ice protection and drag reduction, enabling safe, efficient flight and being a key enabling technology for the sustainable aviation platforms of the future,” said Benfield. “It has been a pleasure to work with Mike and the team through the enhancement of the business’ technology proposition and global expansion under our hold period. We wish them well in their future partnership with Loar Group and look forward to seeing the business’ continued success.”

Mike Eggleston, CEO of CAV, said, “Baird Capital has been a fantastic partner to the business and has been extremely supportive over their investment period, enabling the business to further develop its unique technology and build its reputation as a global leader in ice protection and drag reduction technologies with global aerospace OEMs. As a result, and with the support of the Loar Group, we are exceptionally well-positioned for our next stage of growth.”

The transaction provides a full exit for Baird Capital. The team was advised by Eversheds Sutherland (Legal), RSM (Financial and Tax Diligence), CIL Management Consultants (Commercial Diligence) and Stephens (M&A Advisor).

About CAV

CAV Systems Group is a global aerospace supplier of airborne ice protection systems and drag reduction technology for civilian, commercial and military aircraft. The company specializes in the design, consulting and certification services and manufacture of aviation ice protection systems internationally certified for Flight Into Known Icing (FIKI) conditions. Proprietary technology includes TKS® Ice Protection System, SLD Guard™ and μLASE™ for drag reduction. Other services include consulting related to testing, international approvals, component qualification, electrical system design, reliability and safety analysis, aerodynamics, thermodynamics, quality, and manufacturing design and integration.

About Baird Capital

Baird Capital manages two investment platforms, Venture Capital and Global Private Equity, and invests in B2B technology & services-focused companies worldwide. Founded in 1989, the group focuses on investing in sub-sectors where it has deep institutional knowledge and leveraging global operating capabilities to support the operational and growth needs of partner companies. Baird Capital is the direct private investment arm of Robert W. Baird & Co. For more information, please visit

Baird Capital Partners Europe Limited is authorised and regulated by the Financial Conduct Authority.

For More Information

Rachel Berkowitz
Baird Capital Public Relations
(414) 298-5101 |