M&A Deal Summary

The Sterling Group and Capitol Meridian Partners Acquire PrimeFlight Aviation Services

On March 6, 2023, private equity firms The Sterling Group and Capitol Meridian Partners acquired airliner PrimeFlight Aviation Services from The Carlyle Group

Acquisition Highlights
  • This is The Sterling Group’s 1st and Capitol Meridian Partners’ 1st transaction in the Airlines sector.
  • This is The Sterling Group’s 45th and Capitol Meridian Partners’ 3rd transaction in the United States.
  • This is The Sterling Group’s 11th and Capitol Meridian Partners’ 1st transaction in Texas.

M&A Deal Summary

Date 2023-03-06
Target PrimeFlight Aviation Services
Sector Airlines
Buyer(s) The Sterling Group
Capitol Meridian Partners
Sellers(s) The Carlyle Group
Deal Type Secondary Buyout
Advisor(s) Morgan Stanley
Jefferies (Financial)
Latham & Watkins (Legal)

Target

PrimeFlight Aviation Services

Sugar Land, Texas, United States
PrimeFlight Aviation Services provides major airlines, airports, cargo, and general aviation customers with GSE maintenance, ground handling services, aircraft services, into-plane fueling, deicing, aviation cleaning supplies, and terminal services, across a global footprint. PrimeFlight is based in Sugar Land, Texas.

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Buyer(S) 2

Buyer

The Sterling Group

Houston, Texas, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1982
PE ASSETS 2.1B USD
Size Large
Type Sector Agnostic
DESCRIPTION

The Sterling Group is a private equity firm focused on acquiring middle-market businesses within basic manufacturing, industrial services, and distribution. Sterling looks for companies valued from $100 to $750 million with positive cash-flow, strong market positions, and potential to grow. Sterling avoids investments in financial services, real estate, healthcare, or information technology companies. The Sterling Group was formed in 1982 and is based in Houston, Texas.


DEAL STATS #
Overall 48 of 49
Sector (Airlines) 1 of 1
Type (Secondary Buyout) 14 of 14
State (Texas) 11 of 12
Country (United States) 45 of 46
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-07 Ergotron

St. Paul, Minnesota, United States

Ergotron is a global company focused on improving how people work, learn, play and care for others. Ergotron was founded in 1982 and is based in St. Paul, Minnesota.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-08 Overhead Garage Door

Fort Worth, Texas, United States

Overhead Garage Door (OGD) provides repair, replacement, and installation services in the overhead door and dock industry. OGD operates in 45 MSAs across the Southeast, Midwest, Mid-Atlantic, and Mountain West regions. Overhead Garage Door is headquartered in Fort Worth, Texas.

Buy -
DESCRIPTION

Capitol Meridian Partners is a private equity firm focused on companies in government and regulated sectors across North America. Specific sectors of interest include aerospace, defense, government services, and government software, technology, and communications. The Firm typically commits $50 to $250 million per transaction to support buyouts, growth financings, and carve-out situations. Prospective companies are typically profitable with EBITDA between $5 and $75 million. Capitol Meridian Partners was established in 2021 and is based in Washington DC.


DEAL STATS #
Overall 3 of 3
Sector (Airlines) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Texas) 1 of 1
Country (United States) 3 of 3
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-12 LMI

Tysons, Virginia, United States

LMI is a consulting firm dedicated to improving the management of government. With more than 1,000 consultants, we design and implement solutions to some of the toughest problems facing government managers in logistics, information technology, and resource allocation. LMI is based in Tysons, Virginia.

Buy -

Seller(S) 1

SELLER

The Carlyle Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1987
PE ASSETS 435.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.

The Carlyle Group is a global investment firm that pursues private equity, credit, and real estate investments worldwide. Carlyle's private equity practice practice pursues buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings. With offices in 19 countries, Carlyle can easily target opportunities throughout North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America. Broad sectors of interest include aerospace, defense, automotive and transportation, consumer, retail, energy and power, financial services, healthcare, industrial, infrastructure, technology services, business services, telecommunications and media. The Carlyle Group was formed in 1987 and is based in Washington DC.


DEAL STATS #
Overall 467 of 482
Sector (Airlines) 1 of 1
Type (Secondary Buyout) 113 of 118
State (Texas) 38 of 38
Country (United States) 255 of 259
Year (2023) 7 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-02-16 Dynamic Precision Group

Stuart, Florida, United States

DPG was created to build a platform of leading independent manufacturers of critical components for the hot section of commercial and military aircraft engines and industrial gas turbines. DPG has acquired TurboCombustor Technology, Paradigm Precision and certain facilities from Unison Engine Components, a subsidiary of GE Aviation.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-05-31 Meopta

Prerov, Czech Republic

Meopta develops and manufactures advanced optical and optoelectronic systems for semiconductor, medical, and industrial applications, as well as defense and sports optics with its vertically integrated platform. Meopta was founded in 1933 and is based in Prerov, Czech Republic.

Buy -