Airline Food Distribution Platform in Miami

We’re looking to acquire and operate an airline food distribution platform and have executed an LOI with the seller. We think this is a highly compelling opportunity where we can leverage our unique expertise and relationships to significantly scale the business. We’re contributing $1mm of equity and the seller will rollover $1.5mm. We're looking to raise ~$4mm of equity capital. If this opportunity is of interest, please reach out and I can provide a brief presentation with more info on the company and the investment opportunity. Michael Habib Probus Equity redacted Transaction Overview • Probus Equity (“Probus”) is acquiring 90% of Project Sky (or “the Company”) from its founders and has executed a non-binding Letter of Intent for the transaction • Project Sky is a supplier of food and beverage products to airlines, primarily international airlines operating from the U.S. to Europe. The company’s products include dry goods, baked goods, sandwiches, dairy, beef, poultry, seafood, sodas, juice, water, desserts, pasta, salad, jams, sides, special meals etc. • This is an opportunity to acquire a food distribution platform at an attractive price in a niche segment that is difficult to penetrate; and leverage our expertise in food product innovation and industry relationships in theme parks and cruise lines to drive significant earnings growth • Low purchase price of 4.3x 2025E EBITDA; Significant upside for equity investors: ~5-6x MOIC; ~40% IRR Key Highlights • Low Risk Business Model: Given outsourced manufacturing and transportation logistics, the company is able to generate stable 20% gross and EBITDA margin regardless of revenue fluctuations due to minimal operating expense / SG&A. • Stable Revenue: Airlines select the products and are the end customer; so, once you are spec’d on to an airline, revenue is sticky • High Free Cash Flow Generation: Outsourced production and logistics arrangement; no capex and low working capital requirement • Long Standing Customer Relationships: Company has been in business since 2004 and has many years of customer relationships including two decades plus in some cases • Significant Growth Potential: Probus principals’ operating expertise in food and industry relationships creates a differentiated growth angle for the business • Smooth Mgmt. Transition: Seller willing to rollover 10% equity and spend one year on business transition; Both owners are in their early 70s and looking to retire; seller’s daughter (currently Co-CEO) to continue in a management role with the company post sale