Summit Park Leads Recapitalization of Thrust Flight
September 12 2024 - 10:00AM
Business Wire
Summit Park is pleased to announce the recapitalization of
Thrust Flight (“Thrust” or the “Company”), a provider of
professional flight training services, in partnership with Founder
and CEO, Patrick Arnzen, management, and AltitudeX Aviation
(“AltitudeX”). The transaction marks Summit Park’s fifth platform
investment in its fourth fund, Summit Park IV, L.P.
Headquartered in Addison, Texas, Thrust is a flight training
school focused on serving those who aspire to be professional
pilots through its Zero Time to Airline® program. The Company was
founded in 2006 as an aircraft dealer by aviators and entrepreneurs
Patrick Arnzen and Stuart Stevenson. After identifying a clear need
and opportunity, the Company shifted strategy to focus exclusively
on serving the professional pilot training market. From its three
strategic locations in Texas, including operations in Addison
(Dallas), Denison (North Dallas), and Conroe (North Houston),
Thrust provides a best-in-class student experience by offering
access to a modern fleet of aircraft and simulator-based
instruction. Students who graduate from Thrust’s program often go
on to careers as airline pilots or pilots within other sub-sectors
of the aviation industry.
Bob Calton, co-Managing Partner at Summit Park, said, “Patrick
and his team have built a tremendous business at Thrust Flight. As
their partner, we are excited to support Patrick’s vision for
continued growth in the large and fragmented pilot training market.
In recent years, Summit Park has been focused on the aviation and
training sectors, and Thrust represents a compelling opportunity to
invest behind those themes in a market with strong long-term demand
drivers.”
Patrick Arnzen, CEO and Co-Founder of Thrust, said, “In seeking
a growth partner for Thrust, Summit Park was a clear choice. Thrust
has reached an inflection point in its growth, and Summit Park’s
experience partnering with founders at a similar stage in their
journey was a critical factor in my decision. Looking forward, we
are eager to open new Thrust locations and continue to train and
develop some of the industry’s best pilots.”
As part of the transaction, Summit Park partnered with
AltitudeX, a firm of former senior aviation executives focused on
middle market investments. AltitudeX will have members sit on the
board and serve as a strategic advisor to the Company.
Fidus Capital provided debt financing for the transaction.
Philpott Ball & Werner, LLC served as financial advisor to
Thrust. McGuireWoods acted as legal counsel to Summit Park.
About Summit Park
Summit Park is a Charlotte, North Carolina-based private
investment firm focused on investing in lower middle market
businesses. The firm strives to be the partner of choice for
business owners who seek a partner to assist them in building
companies of extraordinary value. We invest across a range of
industries, including industrial growth, services, and consumer.
Since its founding, Summit Park has made over 45 investments in the
lower middle market totaling more than $2 billion in total
enterprise value. The firm’s capital can be used to facilitate a
change in ownership, to support expansion and growth, or to support
an industry consolidation plan. For more information, visit
www.summitparkllc.com.
About Thrust Flight
Thrust Flight is one of the largest and most highly regarded
flight training schools in the United States. Focused on serving
full-time students who aspire to be professional pilots, Thrust’s
Zero Time to Airline® program is designed to progress beginning
pilots from their Private Pilot License through their Certified
Flight Instructor Certificate in an efficient and highly effective
manner. The Company operates three campuses across Texas, from
Dallas-Fort Worth to Houston, giving students an opportunity to fly
in a variety of conditions and airspace. To learn more, visit
https://www.thrustflight.com/.
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Neale Butler nbutler@summitparkllc.com