Acorn Capital Management Acquires Pan Am Flight Academy

OKLAHOMA CITY, Feb. 26, 2025 /PRNewswire/ -- Acorn Capital Management, a private equity firm investing exclusively in Aerospace, Defense, Intelligence, and Space, today announced that it has acquired Pan Am Flight Academy, LLC ("Pan Am" or the "Company"). Based in Miami, Florida, Pan Am is the leading independent provider of flight simulator-based training, and other ancillary services, focused on commercial aircraft platforms with a fleet of 25 owned full flight simulators and flight training devices. The acquisition marks the fourth platform company of Acorn's fifth investment fund. Acorn partnered with industry veteran Ed Wegel who will lead the Company as CEO. Current President and COO, Jeff Portanova, will continue in his role, as well as serve on the Board of Directors.

"We are honored to be trusted with the next chapter of growth for one of the most iconic names in the aviation market," said Rick Nagel, Acorn's managing partner. "The Pan Am name is recognized globally not only from the Company's prior affiliation with the airline, but also by airlines worldwide as a premier partner for pilot and crew training," Nagel said.

"Pan Am has been training commercial airline pilots for many decades and has earned its reputation as the, World's Most Experienced Aviation Training Company," said Pan Am CEO, Ed Wegel. "I look forward to leading this great company as we grow our simulator base and provide additional training capabilities in all areas of airline operations for our growing list of airline customers. The next phase for Pan Am is exciting as we partner with Acorn to provide the resources we need to fulfill our ambitions," he added.

Pan Am's customer base, relationships, and physical footprint provide a foundation for robust growth when combined with the access to capital afforded to the Company from its partnership with Acorn. The Company served over 550 customers in 2024 with a primary focus on passenger and cargo airline operators. Moreover, Pan Am's newest facility in Hialeah, Florida presents the Company with an ideal footprint to significantly increase its simulator fleet and training capacity.

"Pan Am is the ideal platform for growth in the aviation training market at a time of renewed focus on the importance of pilot training and safety in the industry," commented Greg Agnew, partner at Acorn. "The resources that our partnership will bring to Pan Am will provide the management team financial, strategic, and human capital in support of its growth plans – both organic growth and through additional acquisitions," Agnew added.

Jeff Portanova, Pan Am's President & COO noted, "I am proud of what we have been able to accomplish since acquiring Pan Am during the COVID pandemic and look forward to partnering with Acorn in the next phase of our growth."

Financial terms of the transaction, which closed on February 20, 2025, were not disclosed. Acorn received legal advice from Hartzog Conger and Cason, while Fafinski Mark & Johnson was legal advisor to the sellers. Debt financing for the acquisition was provided by City National Bank. Acorn also partnered with Andrew Flesch of CapitalView Investment Partners on the transaction. Mr. Flesch has a long tenure with Pan Am having previously served on the Company's Board of Directors while under prior ownership.

About Acorn Capital Management
Acorn Capital Management is a middle-market private equity firm focused exclusively on Aerospace, Defense, Space, and Intelligence. Acorn invests solely in operating companies that strive to enhance global mobility and protect national interests. Acorn has a formidable reputation in the industry and is recognized for its deep understanding of the Aerospace and Defense markets, with proprietary access to the best companies within these sectors. With operational expertise and its ability to lead and manage investments through variable economic and industry cycles, Acorn works in tandem with management to build its portfolio companies into significant market leaders.

About Pan Am Flight Academy
Pan Am Flight Academy is a pioneer in commercial aviation training, boasting unmatched experience, a diverse simulator fleet, and a comprehensive array of programs tailored to the aviation service industry. As the sole surviving division of the original Pan American World Airways, Pan Am Flight Academy's training heritage traces back to the earliest days of airline flight training. Founded in 1980, Pan Am Flight Academy's headquarters remain in Miami, Florida. For further details, please visit www.panamacademy.com

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SOURCE Acorn Capital Management