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Alternative Assets  + Real Assets  |  March 15, 2023
The Sterling Group, Capitol Meridian Acquire Carlyle-Owned Aviation Services Provider PrimeFlight
By: Joe Palmisano

The Sterling Group, Capitol Meridian Acquire Carlyle-Owned Aviation Services Provider PrimeFlight

Houston-based The Sterling Group and Washington, DC-based Capitol Meridian Partners have acquired Carlyle-owned PrimeFlight Aviation Services, a provider of aircraft, passenger and security-related services to commercial airline, airport, cargo and general aviation customers.

Financial terms were not disclosed. The acquisition of Sugar Land, TX-based Primeflight will represent a 50/50 partnership between the two private equity firms.

“This is an exciting time for PrimeFlight as we have significantly expanded our operations outside of North America, continue to execute new business wins, and we have a strong pipeline of continued growth through our global footprint,” said Dan Bucaro, PrimeFlight Chief Executive Officer.

Founded in 1982, The Sterling Group targets investments in basic manufacturing, distribution and industrial services companies with enterprise values from $100 million to $750 million. The firm has more than $5.1 billion of assets under management.

Latham & Watkins, LLP is serving as legal counsel to PrimeFlight and Carlyle, and Morgan Stanley & Co LLC and Jefferies, LLC served as financial advisors to PrimeFlight. McDermott Will & Emery is serving as legal counsel to Capitol Meridian Partners and The Sterling Group.

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Inside The Story

PrimeflightThe Sterling GroupCapitol Meridian Partners

About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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