The equity investors of Key Air, a Oxford, CT-based national provider of Fixed Base Operations, aircraft management and worldwide executive charter services, has recently acquired all of company’s debt in a recapitalization transaction.
The transaction, led by Rizvi Traverse Management, will enable the company to restructure its balance sheet and will provide additional working capital to implement its growth strategy in 2010 and beyond.
Key Air has implemented several recent organizational initiatives, including the hiring of key industry personnel, implementation of specialized customer service programs and expansion of its facilities and support centers nationwide.
Commenting on the deal, Brad D. Kost, President and CEO of Key Air, was reported as saying: “This transaction demonstrates the importance of having a strong financial sponsor.
“By restructuring Key Air’s balance sheet, the Company is financially well-positioned to continue investing in building a strong national presence and infrastructure so that we can continue our growth plan into 2010 and beyond”, he added.
The company has Fixed Base Operations and private aviation terminal space in strategic locations nationwide including New York, Boston, Minneapolis-St. Paul, Palm Beach and Los Angeles.