Boston, Massachusetts – Seacoast Capital announced today that it, in partnership with Patriot Capital, has provided preferred equity growth financing to Avenger Flight Group to support the Company’s expansion. Based in Ft. Lauderdale, FL, AFG provides full motion flight simulator training and services to civil aviation clients across North America through its strategically located facilities in Ft. Lauderdale, FL, Las Vegas, NV, Mexico City, Mexico and now Dallas, TX.
Tom Gorman, a Partner with Seacoast, commented, “AFG CEO, Pedro Sors and his team have built a unique and promising Company that provides a critical service to the domestic and international commercial aviation industry and flight training community. Given the growing demand for pilot training, matched with the continued rise of low cost air travel, we believe that AFG’s business is well timed, and has the right team in place to continue to grow and provide superior service to its customers.”
Seacoast’s financing allowed AFG’s management team and ownership to appropriately capitalize the Company for its newest center in Dallas, TX as well as for continued growth over the years to come. The Company is now well positioned to accommodate the growing needs of its existing customer base and accommodate prospective new customers as it looks to further refine its approach, grow its geographic footprint and add additional airplane platforms. Cassel Salpeter & Co. advised AFG on the transaction.
About Avenger Flight Group
AFG was founded in 2012 and is headquartered in Ft. Lauderdale, FL. The Company owns and operates dedicated commercial airline training facilities in Ft. Lauderdale, FL, Las Vegas, NV, Mexico City, Mexico and Dallas, TX. AFG offers customers access to purpose built training centers, tailored to meet specific customer requirements. AFG’s centers are complete with classrooms, integrated procedures trainers, flight training devices and Level D, full motion flight simulators. The Company primarily focuses on single-aisle aircraft and is approved under FAA Part 142.
About Seacoast Capital
Seacoast Capital was founded in 1994 to make non-controlling junior capital investments (primarily subordinated debt and equity) in privately-held lower middle market companies. Seacoast specializes in “sponsorless” transactions, preferring to invest directly with company owners or management teams, although it will selectively consider investments led by professional investor groups. Seacoast typically provides between $3 million and $12 million of debt and equity capital for acquisitions, growth, shareholder buyouts, management buyouts, and leveraged recapitalizations. While industry agnostic, Seacoast broadly invests in the specialty manufacturing, value-added distribution, commercial services, environmental services, logistics and infrastructure services, health and wellness, and consumer sectors. Seacoast generally targets investments in companies with $10 million to $150 million in revenue and $2 million or more of EBITDA. With offices in Boston and San Francisco, Seacoast has invested over $350 million in companies headquartered in 25 states since 1994. Seacoast is currently investing its third fund, Seacoast Capital Partners III, L.P.
For more information, or to submit an investment opportunity to Seacoast, please contact David Romagnoli, Associate, by phone in Boston at (978) 750-1300 or via e-mail at dromagnoli@seacoastcapital.com. www.seacoastcapital.com.
