ANCHORAGE, Alaska, Oct. 1 /PRNewswire/ -- Akima Management Services, LLC announced its acquisition of Pegasus Aircraft Maintenance, which specializes in a wide range of aviation services. The result is a team that is well positioned to be a leading force in aviation services for commercial and government customers worldwide. Pegasus, which is based in Anchorage and has 90 employees, will be a wholly owned subsidiary of Alaska-headquartered Akima Management Services.
"Pegasus' growth into a top aviation services provider in less than 10 years is truly inspirational," said Ed Morris, President and CEO of Akima. "Pegasus brings to our existing government aviation services portfolio a broad range of strong experience and an entrepreneurial energy. We look forward to harnessing that talent and drive to enhance the services we already offer and expand into new commercial markets and new government customers."
Already a Department of Defense aviation services provider, Akima's existing government clients will benefit from the added air services expertise and new service offerings that Pegasus brings to the company. Akima currently provides aviation and fueling services at 11 U.S. Air Force bases across the country.
The Pegasus Story
Pegasus is an example of Small Business Administration (SBA) programs at their best. Nine years ago, cofounders Carlos Nelson and Roy Ardern were FedEx cargo mechanics who saw business opportunity in Anchorage and cashed in their retirement accounts and life savings to start Pegasus, initially as a two-man work force servicing planes. To build and grow the business, Carlos Nelson attended SBA classes where he learned to read financial statements, obtained other fundamental business knowledge, and gained access to SBA loans to purchase equipment that was essential to Pegasus' expansion.
In 2007, Pegasus Aircraft Maintenance was named Alaska Small Business of the Year. And in just nine years, Pegasus rapidly expanded from a startup to $11 million in revenues, and now handles more than 80 percent of the 250 weekly air cargo stops in Anchorage.
"We are thrilled to join the Akima family," said Pegasus cofounder and president Carlos Nelson. "It is a perfect fit not just for our business but our employees. Akima's state-of-the-art business systems and global reach will help expand our business in Alaska and beyond. And, as a company founded and grounded in Alaska, Akima's Alaska Native roots and community-oriented business style reflects our commitment to investment in our home state."
Pegasus' clients include Cathay Pacific Airways, Delta Air Lines, Frontier Airlines, Asiana Airlines, EVA Air Cargo, Air China, Japan Airlines and Shanghai Air Cargo, among others. Pegasus currently provides aviation services for more than 80 percent of the international cargo traffic that goes through Anchorage, the gateway for goods moving by air between the U.S. and Asia.
While Akima brings additional stability that comes with being backed by a financially sound parent, Pegasus employees will not see significant changes in day-to-day operations.
Investment in Alaska
Akima's purchase of Pegasus is an investment in Alaska that complements its core roots and values.
The introduction of the larger freighter is part of Alaska Airlines' $100 million plan to expand and modernize its cargo operation to meet the growing demand for its cargo services.