The Firmament Group has made an investment in Fortbrand Services, which sells, leases and rents aircraft ground support equipment and airfield maintenance equipment to commercial airlines, ground handling companies and airports in North America. No financial terms were disclosed.
NEW YORK, May 15, 2019 /PRNewswire/ — The Firmament Group (“Firmament”), a leading provider of tailored debt and equity capital solutions to small- and medium-sized enterprises (SMEs), announced today an investment in Fortbrand Services (“Fortbrand” or the “Company”). Fortbrand sells, leases and rents aircraft ground support equipment and airfield maintenance equipment to commercial airlines, ground handling companies and airports throughout the North America. Through its operation in Sastamala, Finland, the Company also services airport operators throughout Europe.
As a provider of bespoke capital solutions, Firmament provided debt and equity capital as part of a recapitalization of the Company led by management and Wincove Private Holdings, LP (“Wincove”), an investment holding company with offices in New York and Boston that seeks to invest in small, growing businesses. Specific terms of the transaction were not disclosed.
John Lenahan, Partner at Wincove added, “Fortbrand is an industry leader that provides exceptional service to its customers. We are very excited to partner with existing management and Firmament to support the Company’s growth.”
Lisa Moraglia, Principal at Firmament added, “We are excited to invest alongside Wincove in the recapitalization of Fortbrand. We believe the outlook for the ground service and airfield maintenance equipment industry is strong and growing given the increase in air traffic for both passengers and cargo.”
About Fortbrand Services
Fortbrand Services is a leading provider of ground support and airfield maintenance equipment to the global aviation industry. Fortbrand’s Ground Support Equipment business provides sales, leasing and short-term rentals of mission critical ground support equipment to airlines, ground handling companies and fixed base operators. The Company’s Airfield Maintenance Equipment business distributes snow removal and maintenance equipment to airports. For over three decades, Fortbrand has met the needs of airlines, airport operators, fixed-base operators and ground handling companies serving as a single source solution for equipment needs.
About Wincove Private Holdings, LP
Wincove Private Holdings, LP (www.wincove.com) is an investment holding company that creates long-term capital appreciation for its shareholders by partnering with business owners, entrepreneurs and management teams to build market-leading companies. With offices in Boston and New York, WPH has a permanent capital base, and can therefore stay invested in its partner companies for an unlimited time horizon.
About The Firmament Group
Established in 2012, The Firmament Group (www.thefirmamentgroup.com) provides tailored debt and equity capital solutions to small- and medium-sized enterprises (SMEs). Firmament is a value added partner to entrepreneurs, management teams and business owners and provides solutions by deploying versatile capital in a user-friendly way. Firmament seeks both senior and junior debt capital opportunities including unitranche, second lien and mezzanine debt, and also provides equity capital structured as either preferred or common equity. Headquartered in New York, with offices across the United States and London, Firmament is focused on turning small business into big business.