Canada-headquartered Flying Colours announced that Boston-based private equity firm, New Heritage Capital, has become a minority stakeholder in the business. The transaction, structured using Heritage’s Private IPOsolution, was ratified and signed by Flying Colours President John Gillespie, and Heritage Partner, Judson Samuels, at the end of January.
Flying Colours says it 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 realize high-value projects which include expanding service lines, infrastructure development, and the building of additional hangars, the company says.
“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.”
Heritage specializes in partnering with founder and entrepreneur owned businesses that want to 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.