Northway buys Sky North

[cdnavater]

An interesting but quiet acquisition of Sky North. The acquisition by Northway is through a private equity fund Westcap with a billion in assets.
So, they bought Northway last year, now SN, wonder if they are going to give EIF a little competition, buying up the airlines not yet owned by them.

https://www.newswire.ca/news-releases/n ... 83417.html

SASKATOON, SK, Jan. 21, 2025 /CNW/ - Following its acquisition of a majority ownership position in Northway Aviation LP and Northway Aircraft Leasing LP (collectively, "Northway" or the "Company") in March 2024, Westcap Mgt. Ltd. ("Westcap") is pleased to announce that Northway has expanded its offering of essential services to residents of Manitoba by acquiring SkyNorth Air Ltd. ("SkyNorth"). The investment by Westcap into Northway was completed through a syndicate of Westcap's managed funds, which included Westcap MBO III Investment LP ("MBO III"), a western Canadian-focused private equity fund, and Connect Manitoba Growth Fund LP ("Connect Manitoba"), a Manitoba-focused investment fund. Northway's management team also retains a significant equity position in the Company.

Northway, a six-decade-old leading regional aviation company, provides remote Manitoba and Ontario communities with 11,000 annual scheduled chartered passenger flights and freight transportation services. The Company serves as the transportation partner of choice for more than fifteen communities and First Nations, including Pauingassi, Little Grand Rapids, Poplar River, Garden Hill, Red Sucker Lake, and Deer Lake. Northway has earned a strong reputation for industry-leading safety, reliability and service supported by a team of more than 80 highly skilled and dedicated staff members who oversee a fleet of nine aircraft, which includes Cessna Caravans, Cessna Grand Caravans, and Pilatus PC-12s.

SkyNorth is a twenty-year-old dedicated air ambulance provider operating from three strategically located hangar facilities in Winnipeg, Thompson and Garden Hill/Island Lake, Manitoba. SkyNorth transports patients requiring time-sensitive and critical medical attention from remote communities to hospitals in Winnipeg and Thompson. With a team of over 65 employees, which includes numerous experienced and highly tenured healthcare and aviation professionals, the company has a fleet of eight fixed-wing aircraft and is committed to maintaining its strong safety culture.

Chris Mellen, President and CEO of Northway states, "Our long-standing relationships with northern communities and commitment to the essential needs of its residents made this expansion opportunity a logical next step. Having a financial and strategic partner like Westcap become a part of our organization less than one year ago has been instrumental in this growth."

Grant J. Kook, President and CEO of Westcap adds, "The combination of two great companies with strong management teams that will stay actively involved and invested alongside us to provide essential services to the residents of Manitoba while creating operating efficiencies in our joint facilities, staff, and a combined fleet of 17 aircraft makes for an exciting growth opportunity and future."