Acorn Capital Management acquires Pan Am Flight Academy

Acorn Capital Management, a private equity firm, has acquired Pan Am Flight Academy. Based in Miami, Florida, Pan Am provides flight simulator-based training, and other ancillary services, focused on commercial aircraft platforms with a fleet of 25 owned full flight simulators and flight training devices. The acquisition marks the fourth platform company of Acorn’s fifth investment fund. 

Acorn partnered with industry veteran Ed Wegel who will lead the company as CEO. Current president and COO, Jeff Portanova, will continue in his role, as well as serve on the board of directors.

“We are honoured to be trusted with the next chapter of growth for one of the most iconic names in the aviation market,” said Rick Nagel, Acorn’s managing partner. “The Pan Am name is recognised globally not only from the Company’s prior affiliation with the airline, but also by airlines worldwide as a premier partner for pilot and crew training,” Nagel said.

“Pan Am has been training commercial airline pilots for many decades and has earned its reputation as the, World’s Most Experienced Aviation Training Company,” said Pan Am CEO, Ed Wegel. “I look forward to leading this great company as we grow our simulator base and provide additional training capabilities in all areas of airline operations for our growing list of airline customers. The next phase for Pan Am is exciting as we partner with Acorn to provide the resources we need to fulfill our ambitions,” he added.

Financial terms of the transaction, which closed on February 20, 2025, were not disclosed. Acorn received legal advice from Hartzog Conger and Cason, while Fafinski Mark & Johnson was legal advisor to the sellers. Debt financing for the acquisition was provided by City National Bank.

Acorn also partnered with Andrew Flesch of CapitalView Investment Partners on the transaction. Flesch has a long tenure with Pan Am having previously served on the Company’s Board of Directors while under prior ownership.