Wednesday, March 6, 2024
Westcap Mgt. Ltd. (“Westcap”) is thrilled to announce its recent investment in Northway Aviation LP and Northway Aircraft Leasing LP, known together as “Northway” or the “Company”. This investment was successfully carried out in collaboration with Westcap’s managed funds, namely Connect Manitoba Growth Fund LP (“Connect Manitoba”) and Westcap MBO III Investment LP, through a collective syndication effort.
As a premier regional aviation entity, Northway has been at the forefront of connecting remote communities in Manitoba and Ontario with vital scheduled and chartered passenger and cargo transportation solutions. Established in 1962 and continuously operated by the Johnson family, Northway boasts a commendable six-decade legacy of serving the northern populations of Manitoba and Ontario. It is distinguished by its commitment to safety, reliability, and customer service excellence in the aviation industry.
Serving as a crucial transport ally for over fifteen communities and First Nations areas, such as Pauingassi, Little Grand Rapids, Poplar River, Garden Hill, Red Sucker Lake, and Deer Lake, Northway orchestrates more than 10,000 scheduled flights annually. This ensures almost daily connectivity for these regions to its hub at St. Andrews Airport, located a brief twenty-minute journey north of Winnipeg. In response to the demographic growth and economic developments in northern Manitoba, particularly in mining and infrastructure, Northway has recently enhanced its service capabilities by expanding its fleet to nine aircraft, thereby reinforcing its mission to support the evolving needs of northern communities.
Mr. Grant J. Kook, Westcap’s President and Chief Executive Officer says, “Westcap is excited to partner with this long-standing company and management team as they continue to fulfill and expand on the increasing needs of remote northern communities. Connect Manitoba was launched exactly for this purpose – to support the growth of critical local companies while also attracting additional patient capital to the Province of Manitoba through Westcap’s series of private equity funds.”
The current ownership group will maintain a significant investment in the business. Mr. Chris Mellen, Northway’s Chief Executive Officer further indicates, “This investment represents the next big step in the Northway story. We are excited to partner with Westcap to begin the next phase of our growth. We look forward to continuing this growth trajectory alongside our new partners to provide even more Manitobans and Ontarians with competitive critical airline services. To have Connect Manitoba involved means we continue to have a strong local investor base which was important to us.”
Sunday, April 28, 2024
Sunday, April 28, 2024
Sunday, April 28, 2024
