American Capital released that its portfolio company Pan Am Holdings, and its subsidiaries, including Pan Am International Flight Academy, were sold to ANA Holdings, parent company of All Nippon Airways. American Capital and its affiliated funds received $94m in debt and equity proceeds and realized a gain of $12m from the transaction, subject to post-closing adjustments. Of the total proceeds, American Capital received $79m, realizing a gain of $7m from the transaction, subject to post-closing adjustments. The combination of Pan Am and All Nippon Airways makes for a strong partnership and positions the new entity to meet the increasing demand for trained pilots worldwide. Pan Am is one of the world’s largest independent providers of flight simulation and aviation training services and has the second largest number of flight simulators used for training. Airlines and individuals from across the globe, including North and South America, Europe and Asia rely on Pan Am for flight training services. All Nippon Airways plans to expand Pan Am into Asia by providing training to other Asian airlines, partner firms and subsidiaries.