Accel-KKR and ParkerGale backs ATP’s FlightDocs acquisition

Accel-KKR and ParkerGale is backing ATP’s acquisition of FlightDocs, a provider of maintenance tracking software for the business aviation industry. No financial terms were disclosed. Kirkland & Ellis provided legal support for the transaction while Cafferty & Company provided debt capital markets support. And, Harris Williams provided ParkerGale with buyside advisory services.

PRESS RELEASE

CHICAGO and MENLO PARK, Calif., June 24, 2020 /PRNewswire/ — Accel-KKR and ParkerGale joined forces to back ATP in its acquisition of FlightDocs, a provider of maintenance tracking software for the business aviation industry. Founded nearly fifty years ago, ATP provides aircraft maintenance information, predictive diagnostics, and troubleshooting software to over 6,700 aviation customers worldwide. ParkerGale, a technology-focused buyout fund based in Chicago, acquired ATP in 2015 and subsequently added on CaseBank Technologies in 2016.

ParkerGale co-founder and ATP Board Chairman, Devin Mathews, said, “We have been trying to convince Flightdocs’ owners to join the ATP family for a few years, and we are so pleased to have finally put the companies together. We have ambitious plans for ATP as one of the largest aviation software companies and we are excited to have Accel-KKR’s support in the endeavor. We couldn’t be happier with the partnership between our firms.”

“We are excited to support ATP’s acquisition of Flightdocs to create a unique combination of mission-critical solutions for the business aviation industry that help make flying safer and more reliable,” said Joe Porten, Principal of Accel-KKR’s growth capital fund. “ParkerGale has a track record of investing in quality, founder-run, profitable growth-oriented software companies, which aligns well with Accel-KKR and we look forward to working with both ParkerGale and the ATP management team in the coming months and years.” Mr. Porten will join the ATP Board of Directors.

While ParkerGale retains majority ownership of ATP, Accel-KKR’s minority investment comes from Accel-KKR’s growth capital fund as well as credit financing from Accel-KKR Credit Partners. The combination of equity and debt funding demonstrates Accel-KKR’s flexible model for capital investment and the firm’s commitment to leveraging the right solutions to support management in achieving the company’s growth potential.

“We are pleased that ATP and ParkerGale came to us for our software focus,” said Samantha Shows, Managing Director of Accel-KKR Credit Partners. “But just as importantly, they recognize that we have the flexibility to support their vision by providing the right types of capital solutions that enable growth. It is something that we pride ourselves on at Accel-KKR: being a true partner to management in pursuit of the company’s potential.”

Maintenance operations have become more complex over time, and technology solutions help customers reduce operating costs, improve reliability and support technical knowledge sharing. With Flightdocs joining the ATP family, the combined company will become a leader in the aviation industry by providing a comprehensive range of technical publications, troubleshooting, diagnostics and maintenance workflow solutions under one umbrella. The combined company now supports 75,000 maintenance professionals across more than 7,500 customers in 137 countries.

Kirkland & Ellis provided legal support for the transaction. Cafferty & Company provided debt capital markets support. Harris Williams provided ParkerGale with buyside advisory services.

About ParkerGale:
ParkerGale Capital is a small private equity firm based in Chicago that buys profitable, founder-owned technology companies and corporate carve-outs where the firm’s operating resources can have a meaningful impact on the outcome. ParkerGale also hosts the private equity industry’s only podcast, the PEFunCast with almost a million downloads. Please visit www.parkergale.com to learn more.

About Accel-KKR:
Accel-KKR is a technology-focused investment firm with over $9 billion in capital commitments. The firm focuses on software and IT-enabled businesses, well-positioned for topline and bottom-line growth. At the core of Accel-KKR’s investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value alongside management by leveraging the significant resources available through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions including buyout capital, minority-growth investments, and credit alternatives. Accel-KKR also invests across a wide range of transaction types including private company recapitalizations, divisional carve-outs and going-private transactions. Accel-KKR is headquartered in Menlo Park with additional offices in Atlanta and London. Visit accel-kkr.com.

About Accel-KKR Credit Partners:
Accel-KKR Credit Partners provides strategic financing to leading software businesses. Accel-KKR Credit Partners provides non-dilutive investments to founder-owned businesses and flexibility to institutionally-owned businesses. Accel-KKR Credit Partners has completed 25 investments and deployed over $300 million in capital. Use of proceeds include acquisitions, dividends, shareholder buy backs and growth.