American Capital exits Miami flight school to Japan's ANA for $79m
American Capital has exited its majority stake in the Miami-based Pan Am International Flight Academy to Japan's All Nippon Airways (ANA) for $79 million, claiming a compound annual rate of return of 16% over the lifetime of the investment.
According to a release, the Maryland-headquartered firm and its affiliate funds received a total of $94 million in debt and equity proceeds. Of this, American Capital received $79 million, realizing a gain of $7 million from the transaction, subject ot post-closing adjustments.
American Capital acquired the company in 2006 for $58 million.
Founded in 1992, the Pan Am International Flight Academy 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 customers included both commercial passenger airlines and air freight carriers.
"We are extremely pleased with the results of our sale of Pan Am and excited for the company to join ANA, a leading aviation group with global operations," said Myung Yi, managing director with American Capital's special situations group.
NASDAQ-listed American Capital was set up in 1986 and targets investments in mid market private equity, leveraged finance, real estate and structured products.
According to its 2012 annual report, American Capital's asset management business operates five private funds and two public funds with $12.3 billion of earning assets under management and $117 billion of third-party assets under management.
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