VSS, a private investment firm focused on the information, tech-enabled business services, healthcare IT, and education industries, has completed the sale of its interest in flight operations software specialist Navtech Inc.
Navtech has been acquired by Airbus ProSky SAS, part of the Airbus group of companies.
Headquartered in Waterloo, Ontario, with offices in London and Cardiff, Navtech serves more than 400 aircraft operators and aviation services customers worldwide, with a suite of aeronautical products and services including charts, navigation data solutions, flight planning, aircraft performance and crew planning solutions. In 2015, VSS assisted Navtech with the acquisition of DW International Ltd, a UK-based developer of satellite flight solutions focusing on RAIM prediction technology.
VSS made a minority investment in Navtech in June 2013 to refinance a mezzanine loan and buy out some equity holders through VSS Structured Capital II, a USD312 million fund raised in 2009. VSS originated the investment on a proprietary basis, partnering with majority owner Cambridge Information Group, a family investment firm run by CEO Andy Snyder that makes private investments in the education and professional information markets.
“VSS allowed us to accelerate the development of our SaaS and Electronic Flight Bag products” says Snyder. “They were supportive of the company's growth initiatives and helped us think through the most efficient capital structure at each step.”
David Bainbridge, a Managing Director at VSS who served on the company’s Board of Directors, says: “Navtech is representative of our strong experience providing flexible debt and equity solutions to lower middle market businesses in the information industry. We are pleased to have been a value added strategic partner to Navtech and its shareholders.”
