Accel-KKR Joins ParkerGale in Backing ATP’s Acquisition of FlightDocs

By AIT News Desk On Jun 24, 2020

Two Leading Tech-Focused Private Equity Firms Partner to Create a Premier Subscription Software Provider for the General & Business Aviation Software Industries

Accel-KKR and ParkerGale joined forces to back ATP in its acquisition of FlightDocs, a provider of maintenance tracking software for the business aviation industry. Founded nearly fifty years ago, ATP provides aircraft maintenance information, predictive diagnostics, and troubleshooting software to over 6,700 aviation customers worldwide. ParkerGale, a technology-focused buyout fund based in Chicago, acquired ATP in 2015 and subsequently added on CaseBank Technologies in 2016.

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ParkerGale co-founder and ATP Board Chairman, Devin Mathews, said, “We have been trying to convince Flightdocs’ owners to join the ATP family for a few years, and we are so pleased to have finally put the companies together. We have ambitious plans for ATP as one of the largest aviation software companies and we are excited to have Accel-KKR’s support in the endeavor. We couldn’t be happier with the partnership between our firms.”

“We are excited to support ATP’s acquisition of Flightdocs to create a unique combination of mission-critical solutions for the business aviation industry that help make flying safer and more reliable,” said Joe Porten, Principal of Accel-KKR’s growth capital fund. “ParkerGale has a track record of investing in quality, founder-run, profitable growth-oriented software companies, which aligns well with Accel-KKR and we look forward to working with both ParkerGale and the ATP management team in the coming months and years.” Mr. Porten will join the ATP Board of Directors.

While ParkerGale retains majority ownership of ATP, Accel-KKR’s minority investment comes from Accel-KKR’s growth capital fund as well as credit financing from Accel-KKR Credit Partners. The combination of equity and debt funding demonstrates Accel-KKR’s flexible model for capital investment and the firm’s commitment to leveraging the right solutions to support management in achieving the company’s growth potential.

“We are pleased that ATP and ParkerGale came to us for our software focus,” said Samantha Shows, Managing Director of Accel-KKR Credit Partners. “But just as importantly, they recognize that we have the flexibility to support their vision by providing the right types of capital solutions that enable growth. It is something that we pride ourselves on at Accel-KKR: being a true partner to management in pursuit of the company’s potential.”

Maintenance operations have become more complex over time, and technology solutions help customers reduce operating costs, improve reliability and support technical knowledge sharing. With Flightdocs joining the ATP family, the combined company will become a leader in the aviation industry by providing a comprehensive range of technical publications, troubleshooting, diagnostics and maintenance workflow solutions under one umbrella. The combined company now supports 75,000 maintenance professionals across more than 7,500 customers in 137 countries.

Kirkland & Ellis provided legal support for the transaction. Cafferty & Company provided debt capital markets support. Harris Williams provided ParkerGale with buyside advisory services.