Northway Aviation

Westcap Mgt. Ltd. (“Westcap”) acting as fund manager for Westcap MBO III Investment LP and Connect Manitoba Growth Fund LP, together, in syndication have acquired a majority interest in Northway Aviation (“Northway”).

MNP Corporate Finance Inc. acted as exclusive financial advisor to Northway in structuring and negotiating this transaction. This transaction allows the shareholder group to initiate their succession strategy, while maintaining a significant investment in the business and continuing to participate in the next phase of growth and success. This will ensure the continuity and legacy of the business as Northway continues to provide outstanding critical airline services to their customers and to the communities in which they operate.

Northway began operations in 1962, built on a rich history of experience, trust, dependability, safety, and reliability. Northway is a trusted partner in providing customers and communities valuable airline services in freight transportation, scheduled flight, and private charter. Northway provides services to the communities of eastern and north-eastern Manitoba, as well as communities into western Ontario. Northway is proud to be serving generations of First Nations people in these communities for over 60 years, and they respect and depend on the relations they have built and continue to develop. Northway operates a modern and varied fleet of aircraft, placing an emphasis on safety, versatility, reliability, and efficiency to deliver a superior customer experience.

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. Their vast network of strategic partners and long history of success across Western Canada is grounded by their strong culture and integrity.

Launched in 2023, Connect Manitoba is managed by Westcap and, as an exclusively Manitoba-focused private equity venture-growth fund, targets investment opportunities in Manitoba’s small and medium-sized enterprises. The acquisition of Northway through Westcap MBO III Investment LP and Connect Manitoba Growth Fund LP represents the first investment in Connect Manitoba. Connect Manitoba’s committed capital of $81 million is the result of an innovative funding partnership that includes seven leading Manitoba Credit Unions and the Province of Manitoba’s fund of funds capital market development initiative, the Manitoba first Fund.