New Heritage Capital takes Flying Colours stake

Peterborough Airport-based Flying Colours Corp. has a new minority stakeholder.

New Heritage Capital, a Bostonbased private equity company, acquired the staked through a private initial purchase order. No financial terms were disclosed by the two companies and it has not been revealed how large of a stake New Heritage is taking.

The deal was ratified Jan. 31 by Flying Colours president John Gillespie and New Heritage Capital partner Judson Samuels.

Flying Colours will retain its management and operational independence, according to a release from the company, and will benefit from increased financial resources at a time of growth. Flying Colours plans to use the capital boost to expand service lines, develop infrastructure and build additional hangars.

The Flying Colours plant at the airport paints, refurbishes and maintains business jets for customers.

“We are delighted to partner with Heritage, as with this capital boost we are well positioned to fulfil the next phase of our ambitious growth strategy,” Gillespie stated. “We also look forward to working with their team to seek acquisition opportunities to accelerate our development and scalability across the global business aviation sector.”

He added that the deal happened after Flying Colours had been approached by other prospective investor partners.

“We are thrilled to partner with John and the Flying Colours team to continue building a world class company in the aircraft completions, refurbishment and maintenance sector,” Samuels stated. “We look forward to assisting the company as it pursues continued expansion.”