Marathon Asset Management closed a $155 million senior credit facility for Avenger Flight Group, an independent provider of enterprise flight training solutions to aviation clients worldwide. Marathon Asset Management anchored the loan alongside three other investment management firms.
Avenger Flight Group used proceeds from the financing to repay existing indebtedness and for growth capital. Terms of the deal were not disclosed.
Founded in 2012 and headquartered in Fort Lauderdale, FL, Avenger Flight Group serves the global aviation market by offering full flight simulator pilot training at its 12 flight training centers in the United States, Latin America and Europe.
“AFG is an attractive business with a passionate and committed management team,” Michael Alexander, a managing director at Marathon Asset Management, said. “We believe that AFG has strong growth prospects as airlines ramp up pilot training in anticipation of increased air traffic and as a looming U.S. pilot shortage underpins a secular bull market for flight training companies.”
“We are thrilled to partner with Marathon, and we appreciate their confidence in AFG as the sector’s most trusted aviation training organization,” Pedro Sors, president and CEO of Avenger Flight Group, said. “This transaction gives us the flexibility to implement our business development plan, which will deliver mission-critical flight training services to clients worldwide as the aviation industry is poised to begin an unprecedented global rebound.”
“We are very excited to welcome AFG into our portfolio of private credit investments,” Jordan Bryk, a managing director at Marathon Asset Management, said. “This investment is emblematic of how our capital can help high-quality businesses overcome near-term obstacles and position them for long-term growth.”
