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Fulcrum Capital Partners (Fulcrum) has announced the sale of its equity ownership interest in Skyservice Investments Inc. (Skyservice).
The sale occurred as part of a transaction whereby InstarAGF Asset Management Inc. acquired a majority equity ownership interest in Skyservice.
Skyservice, which was founded in 1986, operates three complementary divisions: Fixed-base operations (FBO), aircraft management services and aircraft maintenance.
Skyservice manages the largest, most diverse fleet of aircraft in Canada and is frequently ranked as a top provider of FBO services by industry publications.
Fulcrum acquired its equity stake to support a management buyout of Skyservice in December 2012. Since that time, Skyservice has experienced substantial growth through expansion of services and operations in existing and new locations.
This transaction marks the conclusion of a tremendously rewarding partnership for all stakeholders and the start of a new partnership that is poised to grow Skyservice’s leadership position in the industry.
“Fulcrum has been a valuable partner to management in helping guide the business since 2012,” said Marshall Myles, chairman and chief executive officer of Skyservice.
“We are also grateful for the significant role Fulcrum played in the process of finding a new partner which positions Skyservice for continued long-term success.”
InstarAGF, which focuses on mid-sized infrastructure assets in North America in the energy, utilities, civil and social infrastructure categories, manages a portfolio of high quality businesses that include an interest in the passenger terminal at Billy Bishop Toronto City Airport, a vital transportation hub for the city of Toronto and surrounding region.
“This is an exceptional opportunity to acquire a majority interest in a premier aviation infrastructure business that is led by a proven management team and generates stable cash flows,” said Gregory J. Smith, president and chief executive officer of InstarAGF.
“We share Skyservice’s commitment to delivering world-class service, safety and convenience for customers and look forward to partnering with management to augment the company’s value proposition and growth opportunities.”
