Vrgineers is thrilled to announce that it has secured an impressive investment of 6 million dollars, led by Taiwania Capital. This investment is a testament to Vrgineers’ vision and shared commitment to driving transformative change within the technological industry. Vrgineers is proud to be the first company in the Czech Republic to receive investment from Taiwania Capital. What’s more, their current investors, have also participated in this round, with Nation 1 increasing its share by 0.5 million USD. Vrgineers is excited to continue pushing boundaries and making a positive impact in the industry with the support of their investors.
Mitch Yang, Managing Partner of CEE Fund at Taiwania Capital: “We are impressed by how Vrgineers integrated the most advanced VR/MR headsets with cutting-edge flight simulation software to deliver uniquely positioned pilot training simulators. The Vrgineers’ systems offer a fully immersive training experience with improved quality that is also very cost-effective. Although its first application is for aviation, the company’s technology could be used in industries where training for heavy equipment operation is essential. This is our first investment in the Czech Republic. We look forward to working closely with Vrgineers and to connect them with Taiwan’s aerospace industry as they enter the phase of rapid growth.”
Marek Polcak, Vrgineers CEO: “We are proud and feel honored that Taiwania has chosen to invest strategically in our company. This investment is not just about the necessary funds to boost our activities and products, but it also brings a great deal of overlap. This strategic investment has connected us with the leaders in the electronics development and manufacturing industry. With this connection, we can now improve our technology to the highest level possible.”
Marek Moravec, Nation 1 Managing Partner: “We have a strong belief in the success of Vrgineers and all the other companies in our portfolio. We are fully committed to supporting them in their growth and providing the necessary resources for their success. Our goal is to help these companies achieve their full potential and make a positive impact in their respective industries.“
With the newly acquired investment, Vrgineers plans to expand its product portfolio with the announcement of a new version of the XTAL headset later this year and secure growth in new markets. Their team is dedicated to achieving our full potential and making a positive impact in our industry.
Photo Credit: Vrgineers (shown as meta image)
Melbourne, Florida, Nov. 27, 2023 — L3Harris Technologies today announced the signing of a definitive agreement under which an affiliate of TJC L.P. will acquire L3Harris’ Commercial Aviation Solutions (CAS) business for $800 million. The acquisition includes a $700 million cash purchase price and $100 million earnout based on the achievement of certain 2023 and 2024 financial performance targets, which together represent an approximate 15x LTM 9/30 EBITDA purchase multiple. The transaction is expected to close in the first half of 2024 and is subject to customary closing conditions and regulatory approvals.
“Today’s announcement is consistent with our multi-year strategy to optimize our national security, technology-focused portfolio,” said Christopher E. Kubasik, Chair and CEO, L3Harris. “Aligned with our capital allocation priorities, we plan to use the proceeds from this transaction to repay debt, which will accelerate our timeline to reach our debt leverage objective.”
The CAS transaction includes the sale of L3Harris’ surveillance joint venture and is subject to a right of first refusal; if exercised, an affiliate of TJC L.P. will acquire the rest of CAS.
L3Harris’ CAS business employs approximately 1,450 people and offers pilot training, flight data analytics, avionics, and advanced air mobility products and services, among other capabilities.
Morgan Stanley & Co. LLC and Moelis & Company are serving as financial advisors to L3Harris, and Sullivan & Cromwell LLP is serving as legal advisor. J.P. Morgan Securities LLC is acting as financial advisor, and Kirkland & Ellis LLP is serving as legal counsel for TJC L.P.
About L3Harris Technologies
L3Harris Technologies is the Trusted Disruptor in the defense industry. With customers’ mission-critical needs always in mind, our nearly 50,000 employees deliver end-to-end technology solutions connecting the space, air, land, sea and cyber domains in the interest of national security.
TJC L.P. (formerly known as The Jordan Company), founded in 1982, is a middle-market private equity firm that has raised funds with original capital commitments in excess of $22 billion and has a 41-year track record of investing in and contributing to the growth of many businesses across a wide range of industries including Diversified Industrials; Technology, Telecom & Power; Logistics & Supply Chain and Consumer & Healthcare. The senior investment team has been investing together for over 20 years and is supported by the Operations Management Group, which was established in 1988 to initiate and support operational improvements in portfolio companies. TJC has offices in New York, Miami, Chicago and Stamford.
Photo Credit: L3Harris (shown as meta image)
Fiji’s National Airline has embarked on a $FJ67 million-dollar development to enhance the Fiji Airways Aviation Academy (FJAA) based in Namaka, Nadi. This Phase II (a) investment will see the addition of;
- Airbus A350 full flight simulator
- ATR-600 full flight simulator
- Boeing 737 MAX flight training devices
- Airbus A330 flight training devices
The Academy buildings will be expanded with the addition of a fourth simulator bay and repurposing of some existing training rooms to create a dedicated facility for fixed base training devices.
“This is a significant step in the growth of FJAA, enhancing the Academy’s flight crew training facilities and enabling us to conduct all of Fiji Airways and Fiji Link pilot training in-house, resulting in improved pilot productivity and more cost savings in flight crew training.
By July 2024, the academy will house four full flight simulators covering all of Fiji Airways fleet types, and four fixed base synthetic training devices,” said company Managing Director and Chief Executive Officer Mr Andre Viljoen.
All technical assessment and training in-house from initial assessment of potential cadets through to type rating and recurrent training of pilots will then be conducted in-house.
A following Phase II (b) development currently in planning for 2025 will include dedicated, fully equipped cabin crew safety and service training facilities, with the capability to perform all aspects of this training, additional office accommodation for staff based at the Academy, uniform boutique, grooming salon, demonstration flight kitchen, and cafeteria facilities.
Once these enhancements are complete, the Academy will become a fully-fledged aviation training facility with a range of state-of-the-art equipment for pilot, engineer and cabin crew training, and will offer a range of other aviation related training to Fiji Airways staff and third parties.
“FJAA has already resulted in the National Airline saving $FJ19 million annually. We no longer have to send our pilots overseas for long periods of time to undergo training and re-certification. With these new investments, our savings will only improve,” added Mr Viljoen.
He adds that Fiji Airways plans to actively market FJAA to other airlines as the preferred commercial aviation training destination in the Pacific, competing for a share of a vibrant airline training market.
A further Phase III development planned for 2026 will add accommodation for visiting airline crews and other overseas delegates, a restaurant, lap pool, and gymnasium.
About Fiji Airways
Founded in 1951, Fiji Airways Group comprises of Fiji Airways, Fiji’s National Airline and its subsidiaries: Fiji Link, its domestic and regional carrier, Pacific Call Comm Ltd, and a 38.75% stake in the Sofitel Fiji Resort & Spa on Denarau Island, Nadi. From its hubs at Nadi and Suva International Airports, Fiji Airways and Fiji Link serve 108 destinations in over 15 countries (including code- share). Destinations include Fiji, Australia, New Zealand, the US, Canada, the UK, Hong Kong (SAR China), Singapore, India, Japan, China, Samoa, Tonga, Tuvalu, Kiribati, Vanuatu, Solomon Islands and New Caledonia. The Fiji Airways Group brings in 70 percent of all visitors who fly to Fiji, employs over 1000 employees, and is targeting to earn revenues of over FJD$1.5 billion (USD $680m) in 2023. Fiji Airways rebranded from Air Pacific in June 2013. Visit www.fijiairways.com for more information.
Source: Fiji Airways
Photo Credit: Fiji Airways