May 15, 2019 /PRNewswire/ -- The Firmament Group ("Firmament"), a leading provider of tailored debt and equity capital solutions to small- and medium-sized enterprises (SMEs), announced today an investment in Fortbrand Services ("Fortbrand" or the "Company"). Fortbrand sells, leases and rents aircraft ground support equipment and airfield maintenance equipment to commercial airlines, ground handling companies and airports throughout the North America. Through its operation in Sastamala, Finland, the Company also services airport operators throughout Europe.
As a provider of bespoke capital solutions, Firmament provided debt and equity capital as part of a recapitalization of the company led by management and Wincove Private Holdings, LP ("Wincove"), an investment holding company with offices in New York and Boston that seeks to invest in small, growing businesses. Specific terms of the transaction were not disclosed.
John Lenahan, Partner at Wincove added, "Fortbrand is an industry leader that provides exceptional service to its customers. We are very excited to partner with existing management and Firmament to support the Company's growth."
Lisa Moraglia, Principal at Firmament added, "We are excited to invest alongside Wincove in the recapitalization of Fortbrand. We believe the outlook for the ground service and airfield maintenance equipment industry is strong and growing given the increase in air traffic for both passengers and cargo."
