Two private equity firms, the Sterling Group out of Houston and Washington, D.C.-based Capitol Meridian Partners, have acquired PrimeFlight Aviation Services, a provider of aircraft, passenger and security-related services to commercial airline, airport, cargo and general aviation customers, from Carlyle.
Headquartered in Sugar Land, Texas, PrimeFlight has operations across roughly 235 stations globally. The company has more than 20 years of service excellence in the aviation industry, offering customers support with things like fueling, deicing and ground handling serivces. The acquisition of PrimeFlight will represent a 50/50 partnership between the Sterling Group and Capitol Meridian Partners.
“PrimeFlight represents a unique opportunity to partner with a management team for a second time on the same platform,” says Adam Palmer, partner and co-founder at Capitol Meridian Partners. “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.”
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.