New Heritage Capital invests in Flying Colours

New Heritage Capital has acquired a minority stake in Flying Colours Corp., a Peterborough, Ontario based provider of green completions, refurbishment, maintenance, avionics, paint, and special mission modifications for business aircraft.

The transaction, structured using Heritage’s Private IPO® solution, was ratified and signed by Flying Colours President, John Gillespie, and Heritage Partner, Judson Samuels, on 31 January 2018. Financial terms remain undisclosed.

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 is an Authorized Service Facility for Bombardier and a Bombardier Preferred Completion Centre. It is also a GE Aviation Approved Service Centre.

Flying Colours will retain its management and operational independence and will benefit from increased financial resources at a time of considerable growth.

The funding will enable Flying Colours to realise high-value projects which include expanding service lines, infrastructure development, and the building of additional hangars.

“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.”

Samuels added, “We are thrilled to partner with John and the Flying Colours team to continue building a world class company in the aircraft completions, refurbishment and maintenance sector. We look forward to assisting the company as it pursues continued expansion.”

“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.

Boston based New Heritage Capital specializes in investing in founder- and entrepreneurial-owned businesses. Its partner with founders that want to significantly grow their businesses, offering them innovative minority recapitalization and growth equity structures that allow them to meet their liquidity needs while retaining control and large equity ownership.

With its innovative investment structures like the Private IPO®, Heritage provides founders with a combination of liquidity and growth capital while allowing founders to maintain control of their business. With decades of experience at managing growth, Heritage gives its partners the strategic, operational and financial guidance to help its companies reach their growth objectives.

UPDATED: NewPoint Capital Partners advised Flying Colours Corp. in connection with the transaction.

photo credit: Flying Colours Corp.

Ted Liu

Ted Liu, M.Sc. (Mining, Queen's), MBA (Finance, Toronto), is the Editor of Private Capital Journal, CanadaMetals.ca, TechWire.ca, and the former Editor of Canadian Private Equity. Ted has been passionately tracking Canadian private capital industry since 1992, having most recently served as Research Director for The Canadian Venture Capital and Private Equity Association (CVCA).

Ted is the architect of CVCA infobase, and is the architect of CPE Media's Financings.ca, Canada's most sophisticated and advanced all private capital and public market financing database.