New Mexico Community Capital Invests $500,000 in Rio Rancho Business
Bernalillo, NM – January 17, 2007 New Mexico Community Capital, the state's sole double bottom-line organization, today announced an investment of $500,000 in Aero Mechanical Industries, Inc. (AMII). AMII is a Rio Rancho-based aeronautical repair company currently employing over 50 employees. NMCC's “double-bottom line” investment will be used to fund continued growth of the business. AMII expects to nearly double sales in 2007 and increase the workforce by 30 to 40 employees.
AMII is an aeronautical inspection, repair and maintenance business certified by the Federal Aviation Administration (FAA) and the European Aviation Safety Agency (EASA). Third-party maintenance companies like AMII now do over half of all maintenance work for U.S. airlines. According to the U.S. Department of Transportation, major carriers spend over $3 billion annually maintaining and repairing their aircraft.
According to Jim Cooper, AMII President and CEO, “With NMCC’s investment and the value-added orientation of its management team, we are ready and able to grow AMI sales and create great new jobs for New Mexicans.”
Tom Keleher, NMCC Managing Director, is confident this investment moves NMCC further towards its mission to generate financial and social returns. “AMII is a solid company with a management team that has exceptional operating experience. They are committed to significant value creation and job expansion over the next couple of years and we are helping them grow.”
NMCC represents a “new generation” of equity investors who look to generate both financial and social impacts with each investment. At least 40% of the 501(c)3 organization’s investment dollars will be targeted to rural communities and underserved sectors in New Mexico.