New Heritage Capital has made an investment in Flying Colours, a provider of interior and exterior aircraft services.
Family-owned Flying Colours provides aircraft completions and maintenance services for mid to large sized business aircraft. Its services include green aircraft completions (a green aircraft, in airline parlance, refers to a plane fresh from the factory which has an interior that is still incomplete); refurbishment and modification; executive conversions; maintenance and repair; exterior paint; avionics upgrades and installation; and component overhaul and repair.
Flying Colours provides services for Bombardier Global, Challenger and Learjet families, Dassault Falcon, Beechcraft/Hawker, Embraer, and Gulfstream models. The company, led by CEO John Gillespie, was founded in 1989 and is headquartered in Peterborough, ON with additional facilities in Chesterfield, MO and Singapore (www.flyingcolourscorp.com).
The investment by New Heritage will be used to expanding service lines, develop infrastructure and build additional hangars. “We are delighted to partner with New Heritage. With this capital boost we are well positioned to fulfill the next phase of our ambitious growth strategy,” said Mr. Gillespie. “We also look forward to working with their team to seek acquisition opportunities to accelerate our development and scalability across the global business aviation sector.”
“We are thrilled to partner with John Gillespie and the Flying Colours team to continue building a world-class company in the aircraft completions, refurbishment and maintenance sector. We look forward to assisting the company as it pursues continued expansion,” said Judson Samuels, a Partner with New Heritage.
New Heritage invests minority or majority equity in companies with minimum revenues of $30 million and at least $5 million of EBITDA. Sectors of interest include aerospace, business services, consumer products, distribution, education and training, food and beverage, healthcare and healthcare services, industrial and infrastructure, manufacturing, pet products and services, specialty chemical, and test and measurement. New Heritage was founded in 2006 and is headquartered in Boston (www.newheritagecapital.com).
“We had been approached by several companies who were eager to invest, but Heritage’s extensive network, and focus on growth, brings much more than just financial value to our new partnership. It’s a very exciting time for Flying Colours,” said Mr. Gillespie.
© 2018 Private Equity Professional | February 9, 2018