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Press Release: Meridian Venture Partners
February 23, 2005
RADNOR, PA -- Meridian Venture Partners (MVP), one of the Mid-Atlantic region's leading private equity firms, today
announced that it has provided acquisition financing for Air Chef Holdings, LLC, a Columbus, Ohio-based provider
of in-flight catering services for the private jet industry.
Propelled by the growth in usage of private jets - through whole ownership, charter and fractional jets (a type
of time-share program for private jet usage) - the business aviation catering industry grew to become a $150 million
business worldwide in 2004.
The equity investment from MVP was used to fund the acquisition of premier jet caterer Air Culinaire, Inc., based
in Arlington, Virginia, as well as an established in-flight catering company operating at Luton Airport in London,
U.K. These acquisitions are expected to more than double the market which Air Chef services.
MVP led the financing and provided equity in conjunction with individual investors. MVP also partnered with Spring
Capital, which provided mezzanine financing, and with JP Morgan Chase, which provided senior financing.
Scott Liston, Chief Executive Officer of Air Chef, says, "Air Chef has nearly unlimited growth opportunities
before us. Our customers include a literal 'who's who' of corporations, entertainers, and high net worth individuals
around the world, and our ability to expand into the cities where they do business will help us to immediately
grow our business with them. The acquisition of Air Culinaire doubles our footprint and will create a platform
for additional transactions in the industry. The acquisition of the London operation opens the growing European
market to us for the first time. MVP's financing made these exciting transactions possible."
Jay Weber, Vice President with MVP, says, "Scott Liston, Mark Wolfington, Paul Schweitzer and their team at
Air Chef have built a successful business implementing technology, introducing new products and consistently providing
great service to the operators of private aircraft. Air Chef serves the leading markets in its industry, and continues
to gain market share. We are thrilled to be a part of this growth strategy and we look forward to partnering with
the company on additional transactions in the future."
MVP has a history of successful transactions in aviation and related industries. In 2002 MVP led the acquisition
of Keystone Helicopter Corporation in partnership with Ranger Aerospace to execute a consolidation strategy in
the rotorcraft industry. In 2004, MVP led the buyout of Composite Technology, the largest independent rotor blade
repair company operating worldwide (now merged with Keystone Ranger). Also in 2004 MVP, as co-lead in partnership
with Brockway Moran & Partners, sponsored the acquisition of Air Evac Lifeteam, a leading emergency air medical
transportation company.
About Meridian Venture Partners
Meridian Venture Partners (http://www.meridianventures.com)
is a leading Mid-Atlantic private equity firm focused on investing in middle market companies with $10-100 million
in revenues through buyouts, recapitalizations and expansion capital financings. Founded in 1987, the firm manages
over $200 million in capital from its Radnor, PA offices. MVP leverages its professionals' expertise and its capital
by partnering with accomplished management teams to build successful companies. Deploying a sector- diversified
portfolio strategy, MVP invests in industries including business services, aviation services, healthcare, publishing
and media, manufacturing, and consumer-related companies.
About Air Chef
Headquartered in Columbus, Ohio, Air Chef (http://www.airchef.com)
provides in-flight catering services for the private jet industry. The Company also provides turn-key programs
for its partners, affiliates and suppliers, including in-flight culinary training, specialized packaging, marketing
and sales, order management, invoicing and national purchasing programs.
Source: Meridian Venture Partners