Certares and Knighthead Invest €300 Million in Avia Solutions Group

Global Blue Receives $225M Growth Investment from Certares and Knighthead

May 6, 2022

Payments & Fintech

Global Blue Group Holding AG agreed to a $225 million strategic growth equity investment from CK Opportunities (co-managed by Certares and Knighthead). The capital — $180 million in Series B preferred and $45 million in common stock — will give the investor just over 13% on a fully diluted basis and will be used to fund working capital and pursue strategic add-on acquisitions in omnichannel retail technology.

Certares Makes Strategic Growth Investment in Avoya Travel

November 22, 2021

Restaurants & Hospitality

Funds managed by Certares Management LLC have closed a strategic growth investment in Avoya Travel, joining Jeff and Michael Anderson as co-owners. The minority investment (terms undisclosed) will support Avoya's technology and platform growth while Brad Anderson moves to an advisory role and Van Anderson retires.

Delta, Certares and Knighthead Provide $500M Recapitalization Facility to Wheels Up

August 15, 2023

Transportation

Delta Air Lines, Certares Management LLC and Knighthead Capital Management LLC (via CK Opportunities) agreed to provide a $500 million facility — $400 million term loan plus a $100 million liquidity facility from Delta — to Wheels Up to support the company’s business transformation. As part of the recapitalization, Wheels Up will issue Class A common stock to participating lenders (who are expected to own ~95% post-transaction) to stabilize operations and accelerate the company’s path to profitability.

Certares Makes Growth Investment in G Adventures

February 9, 2021

Restaurants & Hospitality

Certares has completed a growth-capital investment in small-group adventure tour operator G Adventures. Founder Bruce Poon Tip remains the controlling shareholder; the capital will be used to accelerate M&A activity, upgrade shared services platforms, and support company growth following the pandemic.

ProA Capital Acquires 70% Stake in Avioparts

September 7, 2023

Logistics & Distribution

Spanish private equity firm ProA Capital has agreed to acquire roughly 70% of Avioparts, a distributor of aircraft components, lubricants and logistics solutions, in a deal that values the company at about €40 million. The transaction is structured as a share purchase plus a capital increase to support Avioparts’ organic and inorganic growth; founder David Fojon will remain CEO and a minority shareholder.

Morgan Stanley PE Secondaries and Clairvest Invest Growth Capital in Top Aces

May 31, 2023

Aerospace & Defense

Investment funds managed by Morgan Stanley Private Equity Secondaries and Clairvest Group completed a growth equity investment in Top Aces alongside existing shareholder CDPQ. The capital will support expansion of Top Aces' aircraft fleet and the international growth of its adversary air and JTAC training services.