Central Flying Service, Arkansas’ Oldest Aviation Company, is Being Sold

Central Flying Service CEO Dick Holbert watches Chief Flight Instructor Mike Jones and student Kristine Beard finish a historic 475,000 hours of training on Wednesday. 

People have offered to buy Central Flying Service from Dick Holbert many times over the years, but Holbert had always turned down the offers.

That isn’t the case anymore, as the state’s oldest aviation company should soon have a new owner. Holbert said Thursday that he has accepted a letter of intent from an out-of-state buyer to purchase the 83-year-old company.

Holbert said he expects the sale to be finalized by the end of March, provided there are no setbacks.

“The decision came over a period of time,” Holbert said. “I’m 78 years old, and it’s just time for me to move on. I had mixed feelings about it honestly, but as I said to my employees, I just needed to get out of the way and let someone else take this thing to the next level.”

Holbert’s father, Claud, founded CFS in 1939 to provide flight training and other services. Dick and his brother, Don, took over leadership in the company in 1976; Claud Holbert died in 1983 and Don Holbert died in 2015.

In 2015, CFS sold its leasehold and fueling services at Clinton National Airport to TAC Air. Holbert said since that divestment, he has been considering selling the rest of CFS operations, which include flight training, charter flights, airplane sales and maintenance.

“I’ve been somewhat receptive since then but nothing looked attractive,” Holbert said.

Holbert declined to discuss specifics about the terms of the deal or the buyer, saying the transaction isn’t a done deal. He did say the buyer is from outside Arkansas, and intends to keep CFS’ 100 employees and expand the company’s footprint.

Holbert said the prospective buyer wants him to stay for a while during the transition as a consultant. He said he told several of his team members personally and emailed the news to the rest of the company’s employees Jan. 27.

“The buyers intend to keep the corporate name and even expand the number of Central Flying Services around the county,” Holbert said. “I’m pleased. I’m expecting it to be a very, very good result for all parties concerned. It’s really going to be a plus for [the employees] and a plus for the buyer.”

As for Holbert, he plans to spend more time with his wife, Linda, at their lake house in Hot Springs.

“I have a lot of things I’d like to do,” Holbert said. “I have little projects to do. My wife wants to turn me into a gardener, but I don’t know if that is going to take or not.”