SkyTrac Systems Ltd., a provider of satellite-based aircraft flight-following systems based in Kelowna, B.C., announced the company’s sale to a group of senior managers and investors. Among the participants in the acquisition was Canadian private equity investor Roynat Equity Partners. The financial terms of the transaction were not disclosed.
SkyTrac Systems to Soar with New Ownership
Written by SkyTrac Systems Wednesday, 28 November 2012
SkyTrac Systems announces that a group composed of Malachi Nordine, SkyTrac’s current Director of Product Development, Stephen Sorocky and Roynat Equity Partners has purchased the business of SkyTrac Systems from Kathleen Wallace, the Founder of SkyTrac.
Mr. Nordine, who joined SkyTrac in 2007, will succeed Ms. Wallace as the President of SkyTrac. “I am extremely pleased with the quality of this group and their strategic plan to continue to grow SkyTrac. The market leading systems developed by SkyTrac over the last 10 years in conjunction with our customers have had extraordinary success. I am very happy to see that the new owners have recognized this exciting potential for growth,” Ms. Wallace remarked.
Mr. Sorocky will be appointed to the Board of SkyTrac Systems and brings extensive industry and business development experience in high growth and aerospace industries. He was previously CEO of a number of high growth technology companies, the Vice President and General Manager of Spar Space Systems and is currently a Board member of the Canadian Commercial Corporation, a Crown Corporation responsible for $2.6 Billion of defence and aerospace exports.
“We are very excited with our new partners – Roynat Equity Partners and Stephen Sorocky. Our new financial strength combined with deep industry knowledge will ensure that we continue to provide our customers with best in class products and service offerings,” said Mr. Nordine.
SkyTrac is the world’s trusted supplier of SatCom solutions for flight following information and data, text and voice communications and its products have been approved for installation on over 900 different airframe types. With customers on every continent and from all areas of operation, from Oil & Gas to Air Medical to Law Enforcement to Search & Rescue, SkyTrac is recognized for its market leading solutions to these highly demanding industries. The company’s hardware has been installed on a large number of rotary and fixed wing aircraft types from AgustaWestland, Eurocopter, Cessna, Bell, Sikorsky, MBB, Beechcraft, de Havilland, LearJet and Raytheon.
About Roynat Equity Partners
Roynat Equity Partners is a premier provider of growth and equity capital to small and mid market companies across Canada. Roynat Equity Partners invests in companies to help them drive growth, maximize value and become market leaders. Roynat Equity
Partners’ capital is utilized for succession planning, acquisitions, accelerating growth and facilitating capital expenditures. Roynat Equity Partners is a division of Roynat Inc. and a part of Scotiabank. With committed capital of over $300 million and offices in Toronto, Calgary and Montreal, Roynat Equity Partners has the reach and funding to make deals happen. For more information, please visit www.roynat.com.