Key Takeaways
- • Morgan Stanley Private Equity Secondaries and Clairvest Group completed a growth equity investment in Top Aces, a commercial air combat training provider, alongside existing shareholder CDPQ, according to a Business Wire release dated May 31, 2023.
- • Top Aces provides adversary air (ADAIR) and Joint Terminal Attack Controller (JTAC) training to the armed forces of the United States, Canada, Germany and other NATO allies, operating from 11 bases across four countries.
- • The company operates the largest fleet of commercially operated fighter aircraft in active service and is described as the world's only commercial owner/operator of the F-16.
- • The capital is intended to fund growth of Top Aces' aircraft fleet and expansion of its training programs, per Nash Waterman, Head of Morgan Stanley Private Equity Secondaries.
- • Top Aces has more than 500 employees, including 70 fighter pilots, many of whom are graduates of the Top Gun Fighter Weapons Instructor course.
Summary
Investment funds managed by Morgan Stanley Private Equity Secondaries and Clairvest Group announced the completion of a growth equity investment in Top Aces, alongside the company's other shareholders, which include global investment group CDPQ. The release did not disclose the transaction size or valuation.
Top Aces provides advanced adversary air (ADAIR) and Joint Terminal Attack Controller (JTAC) training to the armed forces of the United States, Canada, Germany and other NATO allies. The company operates out of 11 bases in four countries, holds the largest fleet of commercially operated fighter aircraft in active service, and is the world's only commercial owner/operator of the F-16. It employs more than 500 people, including 70 fighter pilots.
Nash Waterman, Head of Morgan Stanley Private Equity Secondaries, said the firm was pleased to partner with Clairvest, CDPQ and the Top Aces team, which he said deliver high-end, real-world adversary training while creating significant cost efficiencies for customers. He said the investment seeks to support growth of Top Aces' aircraft fleet and expansion of its training to enhance the operational readiness of combat forces.
Ken Rotman, CEO and Managing Director of Clairvest, said the firm was delighted to invest alongside Morgan Stanley Private Equity Secondaries and CDPQ in the latest round. He credited the Morgan Stanley team's sophistication and agility with helping an otherwise complicated transaction close seamlessly, and said the collective support has helped create an industry leader in a rapidly growing segment of the defense industry.
Morgan Stanley Private Equity Secondaries is an investment team within Morgan Stanley Investment Management, which reported $1.4 trillion in assets under management or supervision as of March 31, 2023. Clairvest, founded in 1987, reports over CAD $3.3 billion in capital under management.
Top Aces provides advanced adversary air (ADAIR) and Joint Terminal Attack Controller (JTAC) training to the armed forces of the United States, Canada, Germany and other NATO allies. The company operates out of 11 bases in four countries, holds the largest fleet of commercially operated fighter aircraft in active service, and is the world's only commercial owner/operator of the F-16. It employs more than 500 people, including 70 fighter pilots.
Nash Waterman, Head of Morgan Stanley Private Equity Secondaries, said the firm was pleased to partner with Clairvest, CDPQ and the Top Aces team, which he said deliver high-end, real-world adversary training while creating significant cost efficiencies for customers. He said the investment seeks to support growth of Top Aces' aircraft fleet and expansion of its training to enhance the operational readiness of combat forces.
Ken Rotman, CEO and Managing Director of Clairvest, said the firm was delighted to invest alongside Morgan Stanley Private Equity Secondaries and CDPQ in the latest round. He credited the Morgan Stanley team's sophistication and agility with helping an otherwise complicated transaction close seamlessly, and said the collective support has helped create an industry leader in a rapidly growing segment of the defense industry.
Morgan Stanley Private Equity Secondaries is an investment team within Morgan Stanley Investment Management, which reported $1.4 trillion in assets under management or supervision as of March 31, 2023. Clairvest, founded in 1987, reports over CAD $3.3 billion in capital under management.
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