Airborne training company Top Aces racks up $100 mln

Dorval, Québec-backed Top Aces Inc, an airborne training company, has secured $100 million in funding. The investors include lead shareholder Clairvest Group Inc and Caisse de dépôt et placement du Québec. The capital infusion will be used for international expansion, acquisitions and diversification of its service.


MONTRÉAL, Nov. 26, 2019 /PRNewswire/ – Top Aces Inc. (Top Aces), a world leader in airborne training, announced today that it will receive a new investment in share capital from Clairvest Group Inc. (Clairvest), its lead shareholder, the Caisse de dépôt et placement du Québec (CDPQ) and its other existing investors.
This financing will support Dorval, Québec-based Top Aces’ international expansion, allowing it to acquire new aircraft to enhance and diversify its service.

“This investment provides major support for the growth of our airborne training services, particularly in rapidly-expanding international markets,” said Paul Bouchard, President and Chief Executive Officer of Top Aces. “By joining our existing investment partners, CDPQ further solidifies a strong and long-term shareholding base that will enable Top Aces to take on new challenges in new countries.”

“Top Aces is a Quebec company recognized for the quality of its services and its unparallelled safety record within the air training sector,” said Charles Émond, Executive Vice-President, Québec, Private Equity and Strategic Planning, at CDPQ. “With this investment, Top Aces will pursue international growth and consolidate its leadership position within its industry.”

Top Aces provides advanced and innovative airborne training to the world’s leading air forces. Founded in 2000 by a group of highly accomplished former fighter pilots, Top Aces has the largest worldwide footprint of privately held operational fighter aircraft that provide advanced adversary, air defence and Joint Terminal Attack Controller (JTAC) training services around the globe. The mission-critical training offered by Top Aces enhances the operational readiness of combat forces by providing realistic real-world experience while prolonging its customers’ fleet life.

The company is changing the face of air combat training with its unparallelled safety record, outstanding team and an industry-leading 82,000 hours of operational training flown in support of its customers worldwide. Top Aces has the experience that matters.

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Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at June 30, 2019, it held CAD 326.7 billion in net assets. As one of Canada’s leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.