Summit Park has acquired Thrust Flight, a provider of professional flight training services. In this transaction, Summit Park partnered with Thrust Flight’s founder and CEO, Patrick Arnzen, other senior management team members, and AltitudeX Aviation.
Thrust Flight is a pilot training school catering to individuals aspiring to become professional pilots. The company was founded in 2006 by aviators and entrepreneurs Patrick Arnzen and Stuart Stevenson, initially operating as an aircraft dealer. In 2016, recognizing a clear need and opportunity, Thrust launched the Zero Time to Airline program and refocused its strategy on exclusively serving the professional pilot training market.
Thrust Flight students have access to a fleet of 30 modern, high-tech aircraft, including 20 new Piper Archer TX aircraft (purchased from 2021 to 2022), two new Piper Seminole twin-engine aircraft (purchased in 2023), and several Cessna 172 aircraft. The company also provides simulator-based instruction. Headquartered near Dallas in Addison, Texas, Thrust Flight operates two additional training facilities north of Dallas in Denison and north of Houston in Conroe.
The acquisition of Thrust Flight marks Summit Park’s fifth platform investment for its fourth fund, Summit Park IV LP, which closed in April 2024.
“In seeking a growth partner for Thrust, Summit Park was the obvious choice,” said Mr. Arnzen. “Thrust has reached a critical point in its growth, and Summit Park’s experience in partnering with founders at a similar stage in their journey played a key role in my decision. We are eager to expand Thrust’s locations and continue training and developing some of the industry’s best pilots.”
As part of the transaction, Summit Park partnered with AltitudeX, a group of former senior aviation executives specializing in middle-market investments. After the transaction, AltitudeX will be represented on Thrust’s board of directors and will provide strategic advice to the company.
“Patrick and his team have built an impressive business at Thrust Flight,” said Bob Calton, co-managing partner at Summit Park. “We are excited to support Patrick’s vision for further growth in the large and fragmented pilot training market. In recent years, Summit Park has focused on the aviation and training sectors. Thrust represents a strong opportunity to invest in those themes within a market with robust long-term demand drivers.”
Summit Park, headquartered in Charlotte, invests in lower middle-market companies primarily based in the Eastern half of the United States with revenues between $20 million and $150 million and EBITDA between $4 million and $15 million. Its sectors of interest include business and consumer services, light manufacturing, and value-added distribution. Founded in 2006, Summit Park has made over 40 investments in the lower middle market, totaling more than $2 billion in enterprise value.
Philpott Ball & Werner, an investment bank specializing in the defense, intelligence, aviation, and industrial sectors, acted as Thrust’s financial advisor. The firm operates offices in Boston and Charlotte.
Charlotte and New York City-based Fidus Capital provided debt financing for the transaction, while McGuireWoods provided legal services to Summit Park.
© 2024 Private Equity Professional | September 17, 2024
