M&A Deal Summary

Flexjet Acquires Flying Colours

On August 1, 2023, Flexjet acquired aerospace company Flying Colours from New Heritage Capital

Acquisition Highlights
  • This is Flexjet’s 3rd transaction in the Aerospace sector.
  • This is Flexjet’s 1st transaction in Canada.
  • This is Flexjet’s 1st transaction in Ontario.

M&A Deal Summary
Date 2023-08-01
Target Flying Colours
Sector Aerospace
Buyer(s) Flexjet
Sellers(s) New Heritage Capital
Deal Type Add-on Acquisition

Target

Flying Colours

Peterborough, Ontario, Canada
Flying Colours is an aviation services company, that provides aircraft completions and maintenance services. Flying Colours specializes in all mid to large-sized business aircraft, including the bombardier global express and challenger families, dassault falcon, beechcraft/hawker and gulfstream models. Flying Colours was founded in 1989 and is based in Peterborough, Ontario.

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Buyer(S) 1

Buyer

Flexjet

Richmond Heights, Ohio, United States
Category Company
Founded 1995
Sector Transportation
DESCRIPTION

Flexjet offers a range of private-jet services including: fractional ownership, leasing, charter memberships and aircraft management. Flexjet was founded in 1995 and is based in Richmond Heights, Ohio.

DEAL STATS #
Overall 3 of 3
Sector (Aerospace) 3 of 3
Type (Add-on Acquisition) 3 of 3
State (Ontario) 1 of 1
Country (Canada) 1 of 1
Year (2023) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-02-22 Constant Aviation

Cleveland, Ohio, United States

Constant Aviation is a maintenance, repair, and overhaul (“MRO”) operation serving customers primarily in the corporate and commercial aviation markets. Constant Aviation was founded in 2005 and is based in Cleveland, Ohio.

Buy -

Seller(S) 1

SELLER

New Heritage Capital

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2006
PE ASSETS 1.4B USD
Size Large
Type Sector Agnostic
DESCRIPTION

New Heritage Capital LLC is a private investment firm specializing in the acquisition and equity-based recapitalization of private, family owned businesses. Heritage looks to invest in growing, middle-market companies with at least $30 million in annual revenue and EBITDA of at least $4 million. Target sectors include aerospace, consumer products, food/beverage, media/publishing, healthcare, manufacturing, pet products, plastics/packaging, printing, and value-added distribution. New Heritage Capital LLC was formed in 2006 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 20 of 22
Sector (Aerospace) 2 of 2
Type (Add-on Acquisition) 8 of 9
State (Ontario) 2 of 2
Country (Canada) 2 of 2
Year (2023) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-03-17 Rhythmlink

Columbia, South Carolina, United States

Rhythmlink designs, manufactures, and distributes consumable medical electrodes and provides custom packaging, private labeling, and custom products to leading hospitals, medical centers, and service providers. It is recognized as a leader within its field in providing the important physical connection between patients and the diagnostic equipment to record or elicit neurophysiologic biopotentials. Rhythmlink was formed in 2002 and is based in Columbia, South Carolina.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-12-18 Revela Foods

New Berlin, Wisconsin, United States

Revela Foods is a provider of dairy flavorings, cheese sauces, seasonings, and functional cheese. Revela Foods provides customers with a full-service cheese ingredient offering from product development through final manufacturing. Revela Foods was founded in 1986 and is based in New Berlin, Wisconsin.

Sell -
Mergr

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