In a transaction truly global in scope, a Minnesota aircraft manufacturer owned by a Bahrain-headquartered investment bank whose U.S. operations are based in Atlanta has been sold to a Chinese company.
The deal, announced Monday, involves Cirrus, a world leader in single-engine piston propeller planes that is known for incorporating into its aircraft superior avionics, luxury and safety features, including a parachute.
Cirrus has been owned since 2001 by Arcapita Inc., whose American offices are in Atlanta. In the U.S., the low-profile firm has been best known over the years for its ownership of such prominent consumer businesses as Church's Chicken and the Caribou Coffee Co., and for its exotic connections.
Founded in 1997, Arcapita is made up of Middle Eastern investors, and it follows shariah, a set of principles based on Islamic law that govern personal, social and business actions.
A majority of Cirrus, founded by two brothers in 1984, was purchased by Arcapita in 2001, when it was similar to a late-stage venture capital project. Arcapita doesn't have an exit requirement on its holdings, executives have said, but eventually sells all its investments. Cirrus has been one of its longest-held companies.
The new owner of Cirrus is China Aviation Industry General Aircraft Co., a provider of general aircraft products.
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