Washington, DC and Houston, TX – Funds managed by global investment firm Carlyle announced a definitive agreement to sell PrimeFlight Aviation Services to Capitol Meridian Partners and The Sterling Group. PrimeFlight is a global provider of essential aircraft, passenger and security-related services to commercial airline, airport, cargo and general aviation customers.
The transaction will close upon satisfaction of customary closing conditions. Financial terms were not disclosed. The acquisition of PrimeFlight will represent a 50/50 partnership between The Sterling Group and Capitol Meridian Partners.
Headquartered in Sugar Land, Texas, PrimeFlight has operations across approximately 235 stations globally. It provides a full suite of services through its network of subsidiaries, including PrimeFlight Cargo, PrimeFlight GSE Maintenance, Prime Appearance, ProFlo Industries, Skytanking and Aviation Cleaning Supply. PrimeFlight has more than 20 years of service excellence in the aviation industry, offering customers broad and reliable support, including mission-critical fueling, deicing, and ground handling services. The Company has approximately 12,000 employees across its global footprint, with primary operations in North America and Europe.
Doug Brandely, managing director at Carlyle, said: “We are grateful to have had the opportunity to partner with the management team to lead the transformation of PrimeFlight. The PrimeFlight team expertly navigated an unprecedented time in the commercial aerospace industry to deliver substantial growth. Over the course of our partnership, we completed 20 acquisitions to build a global aviation services platform. PrimeFlight has an impressive runway for future growth, and we look forward to seeing the Company’s continued success.”
“We’re thankful to Carlyle for the tremendous support over the years,” said Dan Bucaro, PrimeFlight chief executive officer. “This is an exciting time for PrimeFlight as we have significantly expanded our operations outside of North America, continue to execute on new business wins, and we have a strong pipeline of continued growth through our global footprint. We look forward to partnering with Capitol Meridian Partners and The Sterling Group in this evolution.”
Adam Palmer, partner and co-founder of Capitol Meridian Partners, said: “We are thrilled to once again partner with the PrimeFlight management team in support of the Company’s next phase of growth. PrimeFlight represents a unique opportunity to partner with a management team for a second time on the same platform. We are excited to invest behind the Company in support of their organic and inorganic growth strategy, during a time in which the aviation industry is continuing its strong recovery from the pandemic.”
Greg Elliott, partner of The Sterling Group, added: “We have partnered with Dan Bucaro as either CEO or Chairman on nine companies over the past twenty years. Dan and his team of industry veterans have built a tremendous platform for growth in PrimeFlight. We look forward to our continued partnership.”
Latham & Watkins, LLP is serving as legal counsel to PrimeFlight and Carlyle, and Morgan Stanley & Co LLC and Jefferies, LLC served as financial advisors to PrimeFlight. McDermott Will & Emery is serving as legal counsel to Capitol Meridian Partners and The Sterling Group.