CHARLOTTE, N.C. & ADDISON, Texas--(BUSINESS WIRE)--Summit Park is pleased to announce the recapitalization of Thrust Flight (“Thrust” or the “Company”), a provider of professional flight training services, in partnership with Founder and CEO, Patrick Arnzen, management, and AltitudeX Aviation (“AltitudeX”). The transaction marks Summit Park’s fifth platform investment in its fourth fund, Summit Park IV, L.P.
Headquartered in Addison, Texas, Thrust is a flight training school focused on serving those who aspire to be professional pilots through its Zero Time to Airline® program. The Company was founded in 2006 as an aircraft dealer by aviators and entrepreneurs Patrick Arnzen and Stuart Stevenson. After identifying a clear need and opportunity, the Company shifted strategy to focus exclusively on serving the professional pilot training market. From its three strategic locations in Texas, including operations in Addison (Dallas), Denison (North Dallas), and Conroe (North Houston), Thrust provides a best-in-class student experience by offering access to a modern fleet of aircraft and simulator-based instruction. Students who graduate from Thrust’s program often go on to careers as airline pilots or pilots within other sub-sectors of the aviation industry.
Bob Calton, co-Managing Partner at Summit Park, said, “Patrick and his team have built a tremendous business at Thrust Flight. As their partner, we are excited to support Patrick’s vision for continued growth in the large and fragmented pilot training market. In recent years, Summit Park has been focused on the aviation and training sectors, and Thrust represents a compelling opportunity to invest behind those themes in a market with strong long-term demand drivers.”
Patrick Arnzen, CEO and Co-Founder of Thrust, said, “In seeking a growth partner for Thrust, Summit Park was a clear choice. Thrust has reached an inflection point in its growth, and Summit Park’s experience partnering with founders at a similar stage in their journey was a critical factor in my decision. Looking forward, we are eager to open new Thrust locations and continue to train and develop some of the industry’s best pilots.”
As part of the transaction, Summit Park partnered with AltitudeX, a firm of former senior aviation executives focused on middle market investments. AltitudeX will have members sit on the board and serve as a strategic advisor to the Company.
Fidus Capital provided debt financing for the transaction. Philpott Ball & Werner, LLC served as financial advisor to Thrust. McGuireWoods acted as legal counsel to Summit Park.
About Summit Park
Summit Park is a Charlotte, North Carolina-based private investment firm focused on investing in lower middle market businesses. The firm strives to be the partner of choice for business owners who seek a partner to assist them in building companies of extraordinary value. We invest across a range of industries, including industrial growth, services, and consumer. Since its founding, Summit Park has made over 45 investments in the lower middle market totaling more than $2 billion in total enterprise value. The firm’s capital can be used to facilitate a change in ownership, to support expansion and growth, or to support an industry consolidation plan. For more information, visit www.summitparkllc.com.
About Thrust Flight
Thrust Flight is one of the largest and most highly regarded flight training schools in the United States. Focused on serving full-time students who aspire to be professional pilots, Thrust’s Zero Time to Airline® program is designed to progress beginning pilots from their Private Pilot License through their Certified Flight Instructor Certificate in an efficient and highly effective manner. The Company operates three campuses across Texas, from Dallas-Fort Worth to Houston, giving students an opportunity to fly in a variety of conditions and airspace. To learn more, visit https://www.thrustflight.com/.
