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Westcap Mgt. Ltd. (Westcap) is pleased to announce an investment in Northway Aviation LP and Northway Aircraft Leasing LP (collectively, “Northway” or the “Company”).
The investment was completed in syndication through Westcap’s managed funds, Connect Manitoba Growth Fund LP (Connect Manitoba) and Westcap MBO III Investment LP.
Northway is a leading regional aviation company, providing remote Manitoba and Ontario communities with scheduled and chartered passenger and freight transportation services.
Founded in 1962, the Company has remained owned by members of the Johnson family and, over its 60-year history serving the populations of northern Manitoba and Ontario, Northway has developed a reputation for industry leading safety, reliability and service.
Northway is a transportation partner for more than fifteen communities and First Nations, including Pauingassi, Little Grand Rapids, Poplar River, Garden Hill, Red Sucker Lake and Deer Lake.
With over 10,000 scheduled flights per year, Northway provides near-daily service to these communities, connecting them with the Company’s base of operations at St. Andrews Airport just twenty minutes north of Winnipeg.
Over the past several years, the Company has expanded its fleet to nine aircraft to better meet the travel and freight needs of northern communities and their growing populations due to the increased mining and infrastructure opportunities in northern Manitoba.
Grant J. Kook, Westcap’s president and chief executive officer said: “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. 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.”
This press release was prepared and distributed by Westcap Management Ltd.
