Saskatoon-based Westcap Mgt. Ltd. announced Mar. 5 that it has invested in Manitoba’s Northway Aviation LP and Northway Aircraft Leasing LP. The investment was made through Westcap’s managed funds, Connect Manitoba Growth Fund LP and Westcap MBO III Investment LP.
Northway, based at St. Andrews, Man. is a provider of passenger and cargo air service to northern Manitoba and western Ontario. The company has a recently-expanded fleet of nine aircraft.
“Westcap is excited to partner with this long-standing company and management team as they continue to fulfill and expand on the increasing needs of remote northern communities,” said Grant J. Kook, Westcap’s president and CEO, with the announcement. “Connect Manitoba was launched exactly for this purpose – to support the growth of critical local companies while also attracting additional patient capital to the Province of Manitoba through Westcap’s series of private equity funds.”
The current ownership group will keep a significant investment in the company.
“This investment represents the next big step in the Northway story. We are excited to partner with Westcap to begin the next phase of our growth. We look forward to continuing this growth trajectory alongside our new partners to provide even more Manitobans and Ontarians with competitive critical airline services. To have Connect Manitoba involved means we continue to have a strong local investor base which was important to us,” said Northway CEO Chris Mellen,
Launched in 2023, Connect Manitoba is a Manitoba-focused private equity venture-growth fund with $81 million in committed capital via funding partnerships with seven Manitoba credit unions and the Manitoba First Fund.
