Flying Colours Corp., the refurbishment,
completion and MRO business, has announced that Boston-based private equity
firm, New Heritage Capital, has become a minority stakeholder in the
Canada-headquartered business.
The transaction, structured using Heritage’s
Private IPO solution, was ratified and signed by Flying Colours President,
John Gillespie,
and Heritage Partner, Judson Samuels,
on 31 January 2018. Financial terms remain undisclosed.
Flying Colours will retain its management and
operational independence, and will benefit from increased financial resources at
a time of considerable growth. The deal enables Flying Colours to realise
high-value projects which include expanding service lines, infrastructure
development, and the building of additional hangars. Specializing in green
completions, refurbishment, maintenance, avionics, paint, and special mission
modifications, family business Flying Colours prides itself on its flexibility,
innovation and integrity.
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An aerial view of part of the Flying
Colours Corp. Peterborough facilities. |
“We are delighted to partner with Heritage, as
with this capital boost we are well positioned to fulfil the next phase of our
ambitious growth strategy,” said 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.”
Samuels added, “We are thrilled to partner
with John 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.”
Heritage specialises in partnering with
founder and entrepreneur owned businesses that want to significantly grow.
“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,” concluded Gillespie.
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