Central Flying Service, Arkansas’ oldest aviation company, has been sold to Tricoastal Ventures LLC, a capital investment firm focused on commercial aviation.
Tricoastal said in a news release that it acquired 100% of stock in the company. Other terms were not disclosed.
The company will maintain its headquarters at Clinton National Airport in Little Rock. It will continue to provide flight training, aircraft management and charter services.
Dick Holbert, whose family owned Central Flying Service for more than 80 years, told Arkansas Business in February that he had accepted a letter of intent to purchase the company from an out-of-state buyer.
“We are proud to know that Central is in the right hands, and that the unique and lasting brand we created will continue to serve our great people and this community for decades to come,” Holbert said in the release.
Phil Jordan was named CEO of the company and Herb Knight was named chief operating officer. Both are partners at Tricoastal.
Brian Raduenz, a former U.S. Air Force commander and CEO of AEVEX Aerospace of Solana Beach, California, was named chairman of the board. The company said he won’t be involved in day-to-day operations but will provide strategic guidance and business advice.
“We are honored to be entrusted with the legacy established by the Holbert family and maintained by the loyal employees in Little Rock,” Raduenz said in the release. “Our focus right now is excellence in commercial aviation and sales, and in the future, I could see this platform getting more involved in defense work as well.”
Sign up for Daily E-news
