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NANA Company, Akima, Acquires Pegasus - Creating Top Aviation Services Provider


Team Combines Big Business Stability and Reach, with Small Business Agility and Ingenuity

ANCHORAGE, Alaska, Oct. 1 /PRNewswire/ -- Akima Management Services, LLC announced its acquisition of Pegasus Aircraft Maintenance, which specializes in a wide range of aviation services. The result is a team that is well positioned to be a leading force in aviation services for commercial and government customers worldwide. Pegasus, which is based in Anchorage and has 90 employees, will be a wholly owned subsidiary of Alaska-headquartered Akima Management Services.

"Pegasus' growth into a top aviation services provider in less than 10 years is truly inspirational," said Ed Morris, President and CEO of Akima. "Pegasus brings to our existing government aviation services portfolio a broad range of strong experience and an entrepreneurial energy. We look forward to harnessing that talent and drive to enhance the services we already offer and expand into new commercial markets and new government customers."

Already a Department of Defense aviation services provider, Akima's existing government clients will benefit from the added air services expertise and new service offerings that Pegasus brings to the company. Akima currently provides aviation and fueling services at 11 U.S. Air Force bases across the country.

The Pegasus Story
Pegasus is an example of Small Business Administration (SBA) programs at their best. Nine years ago, cofounders Carlos Nelson and Roy Ardern were FedEx cargo mechanics who saw business opportunity in Anchorage and cashed in their retirement accounts and life savings to start Pegasus, initially as a two-man work force servicing planes. To build and grow the business, Carlos Nelson attended SBA classes where he learned to read financial statements, obtained other fundamental business knowledge, and gained access to SBA loans to purchase equipment that was essential to Pegasus' expansion.

In 2007, Pegasus Aircraft Maintenance was named Alaska Small Business of the Year. And in just nine years, Pegasus rapidly expanded from a startup to $11 million in revenues, and now handles more than 80 percent of the 250 weekly air cargo stops in Anchorage.

"We are thrilled to join the Akima family," said Pegasus cofounder and president Carlos Nelson. "It is a perfect fit not just for our business but our employees. Akima's state-of-the-art business systems and global reach will help expand our business in Alaska and beyond. And, as a company founded and grounded in Alaska, Akima's Alaska Native roots and community-oriented business style reflects our commitment to investment in our home state."

Pegasus' clients include Cathay Pacific Airways, Delta Air Lines, Frontier Airlines, Asiana Airlines, EVA Air Cargo, Air China, Japan Airlines and Shanghai Air Cargo, among others. Pegasus currently provides aviation services for more than 80 percent of the international cargo traffic that goes through Anchorage, the gateway for goods moving by air between the U.S. and Asia.

While Akima brings additional stability that comes with being backed by a financially sound parent, Pegasus employees will not see significant changes in day-to-day operations.

Investment in Alaska
Akima's purchase of Pegasus is an investment in Alaska that complements its core roots and values.

Owned by NANA Development Corporation, the business arm of the NANA Regional Corporation, Akima is responsible to more than 12,000 Alaska Native shareholders and approaches business within the framework of community investment. While many companies are downsizing, Akima - which is headquartered in Anchorage and has its largest hub in Charlotte, North Carolina - is pleased to be able to increase its footprint in and value to Alaska. The financial strength Akima brings to Pegasus, enhancing its potential for growth, will offer increased job opportunities for Alaskans - including a career development path for NANA shareholders.

Akima is a $330 million and 3,500-employee company with projects throughout the U.S., including Alaska. Current Akima customers include U.S. Army, Air Force, and Navy, Defense Logistics Agency, Defense Energy Support Centers and Defense Distribution Centers, as well as Department of Energy, National Nuclear Security Administration, NASA, National Geospatial-Intelligence Agency and Patent and Trademark Office.

Founded in 1995, Akima and its subsidiaries have grown to 3,500 personnel and currently serve on more than 70 projects nationwide, ranging in size up to $250M. This growth is a direct result of our commitment to our clients. Clients have come to rely on Akima for innovation and quality performance, consistently awarding Akima with excellent performance ratings and commendations. Akima is a wholly owned subsidiary of NANA Development Corporation.

About NANA Development Corporation
With operations around the globe, NANA Development Corporation's six business lines encompass a wide cross-section of industries, including engineering and construction, resource development, information technology and telecommunications, facilities management and logistics, and real estate and hotel development. (www.nana-dev.com)
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