Crestview Partners, a leading private equity firm, announced that it has completed the acquisition of Tailwind Hospitality, a leading aviation services company focused on food, beverage and retail concessions in non-hub and regional airports, from Palladin Consumer Retail Partners.
Crestview is investing alongside AltitudeX Aviation Group, a firm of former senior aviation executives focused on middle-market aviation and aerospace businesses, as well as members of the company’s existing management team led by President and CEO Jeff Switzer, who will continue to lead the company. Financial terms of the transaction were not disclosed.
Founded in 2004 and headquartered in Wilmington, North Carolina, Tailwind has built a distinctive platform through its collaborative approach with airport partners and its ability to meet the unique needs of each market it serves. The company provides custom offerings with a mix of locally tailored concepts and national brands to address a broad range of passenger preferences. With an exceptional track record in 60+ locations across the U.S., Tailwind is poised for continued expansion of its national footprint.
Bradford Williams, partner and co-head of industrials at Crestview, said, “We believe Tailwind is a differentiated market leader providing comprehensive service in its niche focus areas with significant potential for expansion. We identified the aviation and airport services market as an attractive area for investment post-COVID. We believe Tailwind is poised to benefit from strong secular tailwinds and a growing captive customer base as shifting travel priorities, evolving passenger expectations and purchasing behavior trends drive airports and airlines to focus more on the customer experience. Jeff and the rest of the management team have done an excellent job leading the business and we are thrilled to partner with them to help drive the Company’s next phase of organic and acquisition growth.”
Jeff Switzer, president and CEO of Tailwind, said, “We are incredibly excited to partner with Crestview as we pursue the next phase of Tailwind’s growth. Crestview’s and AltitudeX’s significant experience and expertise in our industry and scaling businesses make them a strong fit for our platform, and we believe this partnership will enhance our ability to serve our airport partners, brand partners, and teams across the country. We have enjoyed building the company with Palladin and thank them for their years of collaboration. Importantly, our day-to-day operations and commitment to delivering best-in-class service to our airport partners will remain unchanged, and we look forward to continuing to build Tailwind with the same focus and discipline.”
Crestview representatives and members of the AltitudeX team will join Tailwind’s board of directors alongside Jeff Switzer and independent former concessionaire leaders.
Greenberg Traurig LLP provided legal counsel to Crestview. Solomon Partners served as financial advisor and Latham & Watkins LLP served as legal counsel to Palladin and Tailwind.
