PE-backed Ravn acquires PenAir assets

Ravn Air Group, which is backed by J.F. Lehman & Company, has acquired PenAir‘s assets. No financial terms were disclosed. BlankRome and Keller & Benvenutti provided legal counsel to Ravn and JFLCO on the deal. Based in Anchorage, Alaska, PenAir is a regional airline.


NEW YORK, Dec. 26, 2018 /PRNewswire/ — Ravn Air Group, Inc. (“Ravn”), a portfolio company of investment affiliates of J.F. Lehman & Company (“JFLCO”), announced today the purchase of the assets of Peninsula Airways, Inc. (“PenAir”) by one of its subsidiaries.

Headquartered in Anchorage, Alaska, PenAir is a regional Part 121 airline operating passenger, freight, and charter flights to seven destinations in Southwest Alaska and the Aleutian and Pribilof Islands. JFLCO and Ravn were the prevailing bidders in a Section 363 bankruptcy auction for the assets of the company.

Ravn is a leading provider of regional air transportation and logistics services in Alaska. Headquartered in Anchorage and supported by over 1,000 employees, Ravn utilizes its fleet of almost 70 aircraft to provide passenger, freight, and charter air transportation services to over 115 destinations throughout Alaska.

“This is a big win for Ravn Air Group, as well as for PenAir and all of our team members, customers, and Alaska communities,” said Dave Pflieger, President and CEO of Ravn. “The two companies coming together provides an incredible opportunity to better connect Alaska, with the ability to provide broader, more reliable, and more consistent service.”

“The acquisition of PenAir represents another successful step in expanding Ravn’s unique service offering and enables us to better serve the residents and businesses of Alaska,” said Alex Harman, Partner at JFLCO. “PenAir’s exceptional safety culture and talented group of employees represent a strong fit, and we are pleased to welcome them to Ravn Air Group,” added Will Hanenberg, Principal at JFLCO.

BlankRome and Keller & Benvenutti provided legal counsel to Ravn and JFLCO.

About J.F. Lehman & Company, Inc.
Founded in 1992, J.F. Lehman & Company is a leading middle-market private equity firm focused exclusively on the aerospace, defense, maritime, government and environmental sectors. The firm has offices in New York and Washington, D.C.

For more information about J.F. Lehman & Company, please visit