From the Wires
American Capital's Portfolio Company Pan Am International Flight Academy Acquires Airline Career Academy
By: PR Newswire
Jan. 17, 2013 12:00 PM
BETHESDA, Md., Jan. 17, 2013 /PRNewswire/ -- American Capital, Ltd. (Nasdaq: ACAS) ("American Capital") announced today that in December 2012 its portfolio company Pan Am International Flight Academy ("Pan Am") acquired substantially all of the assets of Airline Career Academy and its subsidiaries ("ACA"), a leading pilot training academy specializing in JAA/EASA and FAA ab initio training. Pan Am is a leading provider of simulator-based flight training to commercial airlines and professional pilots. With this acquisition, Pan Am will be able to offer world class professional pilot training programs that enhance Pan Am's core business of comprehensive solutions for airlines.
"Pan Am International Flight Academy is a well-known brand name in the flight training industry, recognized worldwide for its high quality training," said Myung Yi, American Capital Managing Director, Special Situations Group. "With the acquisition of ACA, Pan Am will now offer customers a complete flight training program, ranging from zero flight time through commercial airline type ratings."
"The timing of this acquisition is excellent as the demand for pilots is expected to significantly increase," said Andrew Flesch, American Capital Principal, Special Situations Group. "The industry faces an acute pilot shortage in the coming decade as senior pilots are forced to retire at age 65 and new federal regulations require a higher level of experience for new pilots. Furthermore, the global increase in air travel and larger commercial aircraft fleet will contribute to the increased demand for pilots."
American Capital first invested in the One Stop Buyout® of Pan Am in July 2006. Founded in 1992, the Pan Am International Flight Academy, based in Miami, FL, grew out of the flight simulation and training center of the former Pan Am Airways. The company offers airlines and individuals training on over 60 full-flight simulators with courses for Pilots, Cabin Crew, Mechanics and Aircraft Dispatchers. Its principal customers are commercial passenger airlines and air freight carriers, which are primarily regional carriers in North and South America, and air traffic control authorities worldwide. The company has training facilities in Miami, FL, Memphis, TN, Minneapolis, MN, Las Vegas, NV, and Cincinnati, OH.
Founded in 1995, ACA is certified to provide FAA and EASA/JAA (through its subsidiary) ab initio flight training courses and trains roughly 250 pilots annually. The company provides private, instrument and commercial multi-engine training with a fleet of approximately 50 aircraft. The company is based in Kissimmee, FL and has additional training facilities in Merritt Island, FL and Fort Lauderdale, FL and maintains relationships with organizations in Costa Rica, UK, Italy and Spain. Post-closing, Pan Am's newly formed ab initio program will provide EASA/JAA training through ACA and its affiliates on an interim basis while Pan Am's ab initio program obtains its own EASA/JAA approval.
ABOUT AMERICAN CAPITAL
This press release contains forward-looking statements. The statements regarding expected results of American Capital are subject to various factors and uncertainties, including the uncertainties associated with the timing of transaction closings, changes in interest rates, availability of transactions, changes in regional, national or international economic conditions, or changes in the conditions of the industries in which American Capital has made investments.
SOURCE American Capital, Ltd.
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