Connect Manitoba Growth Fund Invests in Essential Northern Manitoba Air Services
Winnipeg, Manitoba – March 5, 2024 – Westcap Mgt. Ltd. (“Westcap”) is pleased to announce an investment in Northway Aviation LP and Northway Aircraft Leasing LP (collectively, “Northway” or the “Company”). The investment was completed in syndication through Westcap’s managed funds, Connect Manitoba Growth Fund LP (“Connect Manitoba”) and Westcap MBO III Investment LP.
Northway is a leading regional aviation company, providing remote Manitoba and Ontario communities with scheduled and chartered passenger and freight transportation services. Founded in 1962, the Company has remained owned by members of the Johnson family and, over its 60-year history serving the populations of northern Manitoba and Ontario, Northway has developed a reputation for industry leading safety, reliability and service.
Northway is a transportation partner for more than fifteen communities and First Nations, including Pauingassi, Little Grand Rapids, Poplar River, Garden Hill, Red Sucker Lake and Deer Lake. With over 10,000 scheduled flights per year, Northway provides near-daily service to these communities, connecting them with the Company’s base of operations at St. Andrews Airport just twenty minutes north of Winnipeg. Over the past several years, the Company has expanded its fleet to nine aircraft to better meet the travel and freight needs of northern communities and their growing populations due to the increased mining and infrastructure opportunities in northern Manitoba.
Mr. Grant J. Kook, Westcap’s President and Chief Executive Officer says, “Westcap is excited to partner with this long-standing company and management team as they continue to fulfill and expand on the increasing needs of remote northern communities. Connect Manitoba was launched exactly for this purpose – to support the growth of critical local companies while also attracting additional patient capital to the Province of Manitoba through Westcap’s series of private equity funds.”
The current ownership group will maintain a significant investment in the business. Mr. Chris Mellen, Northway’s Chief Executive Officer further indicates, “This investment represents the next big step in the Northway story. We are excited to partner with Westcap to begin the next phase of our growth. We look forward to continuing this growth trajectory alongside our new partners to provide even more Manitobans and Ontarians with competitive critical airline services. To have Connect Manitoba involved means we continue to have a strong local investor base which was important to us.”
About Westcap Mgt. Ltd. and Connect Manitoba Growth Fund LP
Founded over 25 years ago, Westcap is a leading private equity and venture capital fund manager with over $1 billion in assets under management. Westcap has an uncompromising vision to build long-term value for investors by supporting visionary management teams in their growth and succession strategies across a broad range of industry sectors through its diverse and distinct group of funds under management. Launched in 2023, Connect Manitoba is managed by Westcap and, as an exclusively Manitoba-focused private equity venture-growth fund, targets investment opportunities in Manitoba’s small and medium-sized enterprises (SME’s). Connect Manitoba’s committed capital of $81 million is the result of an innovative funding partnership that includes seven leading Manitoba Credit Unions and the Province of Manitoba’s fund of funds capital market development initiative, the Manitoba First Fund.
Learn more at westcapmgt.ca or connectmb.ca.
About Northway Aviation LP
Northway began operations in 1962 and provides passenger and cargo service to the communities of eastern and north-eastern Manitoba, as well as communities into western Ontario. We are proud to be serving generations of First Nations people in these communities for over 60 years, and we respect and depend on the relationships we have built, and continue to develop, with our customers.
Learn more at northwayav.com.
