Miami-based Pan Am International Flight Academy has been purchased by ANA Holdings, the parent company of Japan’s All Nippon Airways.
Private equity firm American Capital was the seller in the $139.5 million deal, which closed Thursday. ANA announced plans to acquire Pan Am Holdings, which includes the academy, late last month.
According to a press release about the acquisition, All Nippon Airways intends to expand Pan Am into Asia.
“This is a very exciting time for Pan Am,” said the Miami company’s CEO, Vito Cutrone. in the release. “We feel certain that working with our new owners at ANA will bring new and profitable opportunities for Pan Am's continued growth, and particularly new opportunities for the employees of Pan Am.”
The flight school, which offers aircraft simulation and training, was the original training division for Pan American World Airways. It operates nine facilities around the world and offers more than 200 training programs.