Private equity group bolsters its portfolio with fast-growing private aviation company
OVERLAND PARK, Kan., July 16, 2024 /PRNewswire/ -- Global private equity group Kompass Kapital announced today it has made a strategic investment in private aviation company Airshare, headquartered in Kansas City. The transaction further enhances the company's historically strong financial position and allocates significant dollars for strategic growth and expansion initiatives. Kompass Kapital will now lead the Airshare ownership group, with previous investors maintaining an active role with considerable equity positions. Terms of the transaction were not disclosed.
This investment accentuates a transformative year for Airshare. Following the company's acquisition of the Wheels Up aircraft management business last September, Airshare doubled in size to nearly 600 employees while operating a fleet approaching 150 aircraft, becoming one of the largest fleet operators in the United States. The company offers a holistic suite of private aviation solutions, managing aircraft nationwide and providing charter services worldwide. The Airshare Fractional Program, featuring sales of both fractional shares and jet cards, has continued expanding over the last 12 months. The program is now available in most of the country, including recent entry into the Northeast and Southeast regions. Airshare expects its fractional footprint to extend coast-to-coast very soon.
"We are thrilled to have Kompass Kapital join the Airshare ownership group and strongly believe its investment will have a material impact on our future," said John Owen, CEO of Airshare. "When we made the decision to raise capital in support of our strategic goals, we were diligent in defining the ideal partner for us, both professionally and culturally. We immediately received considerable interest, but it quickly became clear we had the perfect match just down the road in Kompass Kapital. Kompass' reputation is impeccable, and their track record in helping businesses flourish is well known. Additionally, they have already demonstrated great success in partnering with our legacy ownership group through other investments. The confidence they've shown in Airshare is extremely validating."
"We are very excited to partner with Airshare, where we join a talented team dedicated to serving the private aviation needs of business and leisure customers both domestically and internationally," said Bradley Berger, Managing Partner of Kompass Kapital. "We invest in people, and when evaluating the potential of any opportunity, we start with company leadership. The executive team at Airshare is outstanding, and they inspired us with their vision to strategically expand the company's geographic footprint, fleet and customer base. The growth prospects are very encouraging, and we believe the company is uniquely positioned to further capture market share."
Airshare is the newest addition to the assets held under management at Kompass Kapital, featuring a diversified portfolio of investments including operating companies, private equity funds, partnerships, real estate, fixed income and public equity. Berger noted the importance of ensuring the company's previous investors remain within the new ownership structure.
"We are grateful to have the legacy investor group retain a substantial ownership position in the company. They will continue to play a central role in our collective success. As we scale, we will ensure Airshare continues to delight customers with an exceptional experience and unwavering commitment to safety every time they fly with us," said Berger.
For nearly 15 years, Kompass Kapital has partnered with business leaders across diverse industries who share similar values and an entrepreneurial mindset. The company's stakeholder-centric approach has been proven to establish meaningful, collaborative relationships that deliver impressive results for companies at various stages of maturity. Kompass had been interested in pursuing an investment in private aviation during the rapid growth experienced by the industry following the pandemic. As its leadership began exploring options, Kompass recognized Airshare as a unique opportunity to enter the industry with a well-established company that shared similar values to its own.
Jefferies, LLC acted as exclusive financial advisor to Airshare. Lathrop GPM served as legal counsel to Airshare, and Spencer Fane, LLP served as legal counsel to Kompass Kapital.
About Airshare
Airshare fits the way you fly. Founded in 2000 and headquartered in Overland Park, Kan., the company offers a holistic suite of private aviation solutions including aircraft management, fractional ownership, jet cards, charter services and aircraft maintenance. Airshare operates a fleet of approximately 150 aircraft through its aircraft management and fractional programs. The company provides aircraft management and charter services nationwide, while offering fractional ownership and jet cards in dedicated regions with its fleet of Challenger 350/3500s and Phenom 300s. Airshare has received IS-BAO Stage 3 and ARGUS Platinum designations, meeting the highest international standards for safe flight operations. For more information, visit www.flyairshare.com.
About Kompass Kapital
Kompass Kapital is a Kansas City-based private equity group with a diversified portfolio of passive and active investments across various industries and business sectors. Featuring a global footprint of over 100 investments throughout North America, Central America and Europe, Kompass Kapital invests in people who create value and deliver results. Founded in 2010, Kompass Kapital positions their partners for growth by providing targeted support through a dynamic range of business services including corporate affairs, finance, human resources, investments, legal, marketing, operations, and technology services. To find out more, visit www.kompasskapital.com.
SOURCE Airshare
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