Moelis Capital Partners (MCP), the private equity business affiliated with Moelis & Company, today announced the acquisition of Flightstar Aircraft Services (“Flightstar”), a leading provider of maintenance, repair and modification services to operators of transport category aircraft, including air carriers, cargo companies and aircraft lessors.
Headquartered on Cecil Field in Jacksonville, Florida, Flightstar is a Federal Aviation Administration (FAA) registered Part 145 repair station with a class IV rating, and has commensurate licenses with the Civil Aviation Administration of China, and the European Aviation Safety Agency. The Company’s services include all levels of scheduled maintenance from daily line checks to heavy depot level maintenance, as well as passenger-to-freighter conversions on certain classes of Boeing aircraft. Currently, the Company has full tooling capabilities for B717, B727, DC9, MD80, B737, B757 and B767 aircraft. Flightstar operates out of two adjacent hanger facilities on Cecil Field with over 335,000 square feet under roof and one million square feet of ramp space. Prior to the acquisition, Flightstar was owned by management and affiliated investors.
“We are excited about this partnership and believe it will help us grow and better meet the needs of our customers,” said Jerry Hernandez, Co-Founder and President of Flightstar Aircraft Services. “There is tremendous opportunity ahead for Flightstar and with MCP we believe we have found a partner that is excited to support the Company in achieving its goals.” Mr. Hernandez will continue in his role as President and, along with other members of the management team, will retain a significant equity ownership.
Kurt Larsen, Managing Partner of Moelis Capital Partners, said, “We were impressed by Flightstar’s strong leadership team, successful track record, blue-chip customer base and dynamic culture. Led by Jerry Hernandez, the Company has built a reputation for providing high-quality services, employing a hands-on management style with an emphasis on meeting the customer’s expectation no matter what it takes. We’re particularly excited by the Company’s growth prospects and we look forward to working with this talented management team.”
JetCapital served as advisor to MCP on the transaction, and Parr Brown Gee & Loveless served as legal counsel to MCP. SunTrust Bank, in continuance of its relationship with Flightstar, provided the senior debt financing.
About Flightstar Aircraft Services
For more information about Flightstar, please visit www.flightstarjax.com.
About Moelis Capital Partners
Moelis Capital Partners is a middle market private equity firm founded in 2007 in connection with the formation of Moelis & Company, a global independent investment bank. Moelis Capital Partners manages $700 million of committed private equity capital and specializes in traditional private equity investments in the middle market. For more information, please visit www.moeliscapital.com.