Pan Am International Flight Academy, a portfolio company of American Capital, has acquired the assets of Airline Career Academy, a pilot training academy. American Capital acquired Pan Am International Flight Academy in July 2006.
Airline Career Academy is certified to provide Federal Aviation Administration and European Aviation Safety Agency flight training courses and trains approximately 250 pilots annually. The company provides private, instrument and commercial multi-engine training with a fleet of 50 aircraft. The company was founded in 1995 and is based in Kissimmee, FL with additional training facilities in Merritt Island, FL and Fort Lauderdale, FL and maintains relationships with organizations in Costa Rica, UK, Italy and Spain (www.flyoft.com).
“Pan Am International Flight Academy is a well-known brand name in the flight training industry, recognized worldwide for its high quality training,” said Myung Yi, American Capital Managing Director, Special Situations Group. “With the acquisition of Airline Career Academy, Pan Am will now offer customers a complete flight training program, ranging from zero flight time through commercial airline type ratings.”
Pan Am International Flight Academy is a provider of simulator-based flight training to commercial airlines and professional pilots. The company grew out of the flight simulation and training center of the former Pan Am Airways and offers airlines and individuals training on over 60 full-flight simulators with courses for pilots, cabin crew, mechanics and aircraft dispatchers. Its principal customers are commercial passenger airlines and air freight carriers, which are primarily regional carriers in North and South America, and air traffic control authorities worldwide. The company has training facilities in Miami, FL; Memphis, TN; Minneapolis, MN; Las Vegas, NV; and Cincinnati, OH. Pan Am International Flight Academy was founded in 1992 and is based in Miami (www.panamacademy.com).
“The timing of this acquisition is excellent as the demand for pilots is expected to significantly increase,” said Andrew Flesch, American Capital Principal, Special Situations Group. “The industry faces an acute pilot shortage in the coming decade as senior pilots are forced to retire at age 65 and new federal regulations require a higher level of experience for new pilots. Furthermore, the global increase in air travel and larger commercial aircraft fleet will contribute to the increased demand for pilots.”
American Capital is a publicly traded private equity firm and global asset manager that originates, underwrites and manages investments of $10 million to $750 million in middle market private equity, leveraged finance, real estate and structured products. Founded in 1986, American Capital has $118 billion in total assets under management and has eight offices in the US, Europe and Asia. The firm is headquartered in Bethesda, MD (www.AmericanCapital.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 1-18-13