Flightdocs Acquired by ParkerGale and Accel-KKR
BONITA SPRINGS, FL AND NEW YORK, NY – June 24, 2020 – Argentum’s portfolio company, Flightdocs, a leading provider of cloud-based maintenance tracking, inventory management, and flight operations software to the aviation industry, has been acquired by ParkerGale and Accel-KKR, and merged with ATP, a company acquired by ParkerGale in 2015. The combination creates one of the largest providers of software solutions and information services within the aviation industry, supporting over 75,000 maintenance professionals across more than 7,500 customers in over 130 countries. Argentum has served as Flightdocs’ first and only outside investor since providing $10 million in strategic growth capital to the company in October 2017.
“Our partnership with Argentum has been a resounding success,” said Rick Heine, CEO and Founder of Flightdocs. “As a rapidly growing and profitable bootstrapped business, Flightdocs did not need any outside funding, however Argentum promised to bring more to the table than just growth capital. Since closing their investment, Argentum’s contributions to our efforts and ‘roll-up-the-sleeves’ partnership approach, have far exceeded their commitment and what we expected from minority stakeholders. Argentum directly originated several major strategic and customer wins including Boeing and Textron, sourced a robust pipeline of acquisition targets, and played an instrumental part in accelerating our growth, creating significant value, and achieving a very successful outcome. Chris Leong and Dan Raynor worked tirelessly on our behalf, assumed shared responsibility and ownership for Flightdocs’ success, and served as true extensions of our executive team.”
“It has been a privilege serving as Flightdocs’ partner, and we’re grateful to Rick for giving us the opportunity to assist the company during this crucial phase of growth,” said Chris Leong, Partner at Argentum. “We have sincerely enjoyed working side-by-side with Rick, Greg (President), April (Chief of Staff), and the rest of the Flightdocs team as they expanded the company’s impressive client base and portfolio of innovative solutions. We congratulate the entire Flightdocs organization and wish them continued success as part of the ATP platform.”
Daniel Raynor, a Managing Partner of Argentum, added “Flightdocs exemplifies the type of investment that we love – a rapidly growing, capital efficient, bootstrapped company with an attractive recurring revenue business model, run by a fully engaged, financially disciplined entrepreneur. Realizing an exit at an attractive value in the current environment is a demonstration of Argentum’s investment strategy of investing in differentiated businesses that grow into market leading companies and generate significant buyer interest. We applaud the Flightdocs team for a successful outcome and look forward to their ongoing efforts to revolutionize and digitize the aviation industry.”
Argentum is a New York-based growth equity firm that partners with entrepreneurial owners to build industry-leading B2B software, technology-enabled and business services companies. The firm invests in companies with revenues of $5 million to $25 million, providing capital to accelerate growth, fund acquisitions and / or generate shareholder liquidity. Argentum is actively investing out of its fourth fund, Argentum Capital Partners IV, LP. Over its 30-year history, Argentum has invested in 87 companies and supported nearly 200 add-on acquisitions. Argentum fills the growing gap between early stage venture capital investors and later stage growth equity firms by targeting bootstrapped companies seeking $5 million to $15 million of equity capital.