VSS Structured Capital Completes Sale of Navtech Inc.
NEW YORK – March 10, 2016 –VSS, a private investment firm focused on the information, tech-enabled business services, healthcare IT, and education industries, today announced that VSS Structured Capital II has completed the sale of its interest in Navtech Inc., a global leader in flight operations software for the commercial aviation industry. The business was acquired by Airbus ProSky SAS, part of the Airbus group of companies.
Headquartered in Waterloo, Ontario, with offices in London and Cardiff, Navtech serves more than 400 aircraft operators and aviation services customers worldwide, with a suite of high-quality, mission-critical aeronautical products and services including aeronautical charts, navigation data solutions, flight planning, aircraft performance and crew planning solutions. In 2015, VSS assisted Navtech with the acquisition of DW International Ltd., a U.K.-based developer of satellite flight solutions focusing on RAIM prediction technology.
VSS made a minority investment in Navtech in June 2013 to refinance a mezzanine loan and buy out some equity holders through VSS Structured Capital II, a $312 million fund raised in 2009. VSS originated the investment on a proprietary basis, partnering with majority owner Cambridge Information Group, a family investment firm run by CEO Andy Snyder that makes private investments in the education and professional information markets.
“VSS allowed us to accelerate the development of our SaaS and Electronic Flight Bag products. They were supportive of the company’s growth initiatives and helped us think through the most efficient capital structure at each step,” said Snyder.
“Navtech is representative of our strong experience providing flexible debt and equity solutions to lower middle market businesses in the information industry,” said David Bainbridge, a Managing Director at VSS who served on the company’s Board of Directors. “We are pleased to have been a value added strategic partner to Navtech and its shareholders.”
Other past VSS structured capital investments that the firm has successfully exited in the last year include the sale of Trover Solutions to New Mountain Capital, the sale of Cast & Crew Entertainment Services to Silver Lake, and the sale of Strata Decision Technology to Roper Technologies. VSS has a long history of partnering with entrepreneurs and providing structured capital for expansions, acquisition financings, product launches, recapitalizations and management buyouts or buy-ins.
VSS is a leading private investment firm that invests in the information, tech-enabled business services, healthcare IT, and education industries in North America and Europe. VSS provides capital for buyouts, recapitalizations, growth financings and strategic acquisitions to lower middle market companies and management teams with the goal of building companies organically as well as through a focused add-on acquisition program. VSS makes privately-negotiated investments across the capital structure and has the ability to invest in situations requiring control or non-control equity, mezzanine securities and structured equity securities. For more information, please visit: www.vss.com.
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