Westcap Invests in Essential Air Services with Investment in Northway Aviation

SASKATOON, SK, March 6, 2024 /CNW/ - 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, Westcap MBO III Investment LP ("MBO III") and Connect Manitoba Growth Fund LP ("Connect Manitoba"). 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 the management team and all the dedicated employees of Northway who are committed to providing critical air transportation services to the residents of northern Manitoba and Ontario with the utmost care for passenger safety and service dependability. We look forward to supporting the Northway team in their ambitious plans to further expand essential services to more communities across Manitoba."

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. Over the last five years, we have made significant investments in our fleet and have continually optimized our services to best meet the growing needs of our passengers. We look forward to continuing this growth trajectory alongside our new partners to provide even more Manitobans and Ontarians with competitive critical airline services."

About Westcap Mgt. Ltd.

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. Our vast network of strategic partners and long history of success across Western Canada is grounded by our strong culture and integrity. Learn more at westcapmgt.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

SOURCE Westcap Management Ltd.

Grant J. Kook, Westcap Mgt. Ltd., Tel: [phone], [email protected]; Chris Mellen, Northway Aviation LP, Tel: [phone], [email protected]