Private Equity-Backed Acquisitions in Alaska

The Blackhawk Group, a portfolio company of New State Capital Partners, has acquired Silver Sky Aviation of Wasilla, Alaska, expanding TBG's Performance Center Network into Alaska. The acquisition adds a sixth Performance Center location and strengthens TBG's turboprop maintenance and performance capabilities; terms were not disclosed.

Aerial Machine & Tool, a portfolio company of Argosy Private Equity, has acquired Hazard Protection Systems (HazPro), a supplier of patented passive fire suppression solutions for military, industrial, and commercial vehicles. The acquisition expands Aerial's mission-critical safety product portfolio and intellectual property, with integration and post-close synergies already underway supported by Argosy's value-acceleration program.

Grain Management, a Washington, D.C.-based investment firm focused on digital infrastructure, has completed its acquisition of QSH Parent Holdco LLC (Quintillion), the leading provider of subsea and terrestrial fiber connectivity in Alaska and the North American Arctic. Quintillion operates a subsea and terrestrial high-speed fiber network and provides broadband connectivity, satellite ground station, and edge processing services to government and commercial telecommunications providers; the deal is intended to accelerate broadband expansion in Alaska and strengthen geostrategic connectivity for national defense.

McFarlane Aviation, a portfolio company of Vance Street Capital, has acquired Airforms, Inc., a Wasilla, Alaska-based designer and manufacturer of proprietary aftermarket PMA parts for general aviation. The transaction is McFarlane's first strategic add-on since its acquisition by Vance Street in October 2021 and will expand McFarlane's PMA catalog and engineering capabilities.

Seattle-based private equity firm Westward Partners completed a recapitalization of Three Bears Alaska, a family-owned grocery and fuel retailer, with Cascadia Capital acting as exclusive financial advisor. The transaction provides liquidity to certain shareholders while supporting Three Bears' planned growth into underserved Alaskan and Montana markets and retains majority Alaskan ownership.

Tiger Infrastructure Partners acquired a controlling interest in IC Alaska Airport LLC, which has been renamed NorthLink Aviation, to fund and develop a 120-acre air cargo terminal at Ted Stevens Anchorage International Airport under a 55-year lease. The investment will finance construction of a purpose-built cargo terminal with warehouses, fueling and deicing infrastructure and support services to capitalize on growing trans-Pacific air cargo volumes.

ATN International, together with financial partner Freedom 3 Capital, completed an all-cash acquisition of Alaska Communications Systems Group, Inc. for $3.40 per share, a transaction valued at approximately $343 million including net debt. The deal, which closed in July 2021 after stockholder approval, takes Alaska Communications private and gives ATN a majority ownership stake as part of its US telecom expansion.

USI Insurance Services has acquired Sitka, Alaska-based Venneberg Insurance. All of Venneberg's employees, including owner and principal Mike Venneberg, will join USI; terms were not disclosed. The deal expands USI's footprint in Southeast Alaska and brings local risk management and insurance capability onto USI's national platform.

Hub International Limited (Hub) has acquired Pippel Insurance Agency, Inc., a multi-line insurance brokerage based in Palmer, Alaska. Pippel will join Hub’s Northwest operations and leader Dan Crawford will join Hub as Vice President of Operations to support an expanded local presence in the Anchorage and Matanuska-Susitna Valley market; terms were not disclosed.