Boston-based private equity firm, New Heritage Capital, (Heritage), has become a minority stakeholder in the Canada-headquartered Flying Colours Corp (Flying Colours), a refurbishment, completion and MRO 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. Specialising in green completions, refurbishment, maintenance, avionics, paint, and special mission modifications, family business Flying Colours prides itself on its flexibility, innovation and integrity.
“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,” says 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 says: “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.
