Thesis Architecture
We acquire majority positions in founder-owned aviation businesses valued between $10M and $30M enterprise value, generating $2M–$10M EBITDA — the zone too small for institutional PE, too complex for search funds, and too regulated for generalist capital.
Structural Advantage
10,000+ baby boomers turning 65 daily through 2030. Valuations sit 20–40% below peak. An 18-month FAA certificate backlog creates arbitrage no spreadsheet-only investor can exploit.
Operator Alpha
We’ve held ATP certificates, managed turbine fleets, and navigated FSDOs. That operational fluency — not financial engineering — is the edge.
Capital Structure
SPV-First Model: Each acquisition is structured as a standalone SPV. LPs evaluate each asset individually — full diligence, clear thesis, transparent economics — before committing capital. No blind pools. No generalist hand-waving. You see the asset, the plan, and the exit before a dollar moves.
Our Investment Thesis
Aviation's lower middle market is entering a once-in-a-generation reset. Four structural forces — mass succession, capital scarcity, regulatory acceleration, and labor shortages — are converging in a 2025–2030 window that won't reopen.