aircraft maintenance

New Heritage Backs Flying Colours

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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

Victory Park Exits Ascent Aviation Services

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Victory Park Capital has sold its portfolio company Ascent Aviation Services to LongueVue Capital Partners.

Ascent is a commercial aircraft maintenance, repair and overhaul service provider with a specialization in narrow body aircraft. Ascent performs heavy and line maintenance services, aircraft modification, transition and refurbishment work, aircraft storage and reclamation services, and consigned part sales. The company is based in Tucson, AZ (www.ascentmro.com).

Victory Park has held a stake in Ascent since December 2007 when it made a senior secured loan to its predecessor company. When the predecessor company filed for bankruptcy protection in January 2009, Victory Park provided a debtor-in-possession loan to finance the bankruptcy process, and subsequently purchased the assets in November 2009. Victory Park rebranded and repositioned the business, leading to a successful operational turnaround.

“We are truly appreciative of the relationship established with the Ascent team over the last several years,” said Matthew Ray, partner and co-founder of Victory Park. “Together, we managed a repositioning that drove strong organic growth; made substantial operational improvements that enhanced the margin profile; and executed strategic initiatives to secure future prospects at the Tucson airport. As a result of this collective effort, we are confident that Ascent is well positioned for future success.”

Victory Park Capital invests from$10 million to $50 million per transaction in small cap public companies and middle market private companies that typically generate less than $150 million in revenue and less than $30 million of EBITDA. The firm focuses on complex situations and seeks to build long term sustainable value in its companies. Victory Park is based in Chicago and has offices in Boston and San Francisco (www.victoryparkcapital.com).

“The Victory Park team added tremendous value in all aspects of our business since re-emerging as Ascent in 2009,” said Michael Melvin, President of Ascent. “Their experience in building businesses and the support they provided through a hands-on investment approach helped guide us as we solidified our market presence.”

LongueVue Capital makes equity and debt investments in lower middle market companies that have up to $100 million of revenue. Sectors of interest include manufacturing, business services, energy services, and third party logistics. The firm was founded in 2001 and is based in New Orleans with additional offices in New York and Salt Lake City (www.lvcpartners.com).

© 2013 PEPD • Private Equity’s Leading News Magazine • 10-11-13