Summit Park recapitalized Thrust Flight, a provider of professional flight training services, in partnership with founder and CEO Patrick Arnzen, management and AltitudeX Aviation. The transaction marks Summit Park’s fifth platform investment in its fourth fund, Summit Park IV.
“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,” Bob Calton, co-managing partner at Summit Park, said. “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.”
“In seeking a growth partner for Thrust, Summit Park was a clear choice,” Arnzen said. “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 served as financial advisor to Thrust Flight. McGuireWoods acted as legal counsel to Summit Park.
