General Dynamics Completes Jet Aviation Acquisition
Gulfstream Aerospace parent General Dynamics yesterday finalized its purchase of Zurich, Switzerland-based Jet Aviation from Permira Funds private equity group for approximately $2.18 billion, significantly expanding General Dynamics’s aftermarket service footprint around the world. The deal was originally announced on August 19, but had to be approved by antitrust authorities before closing. The move not only increases General Dynamics’s business aircraft maintenance and completions capability worldwide, but also adds 15 FBOs around the globe to its portfolio. At Gulfstream’s Savannah, Ga. headquarters, former maintenance and completions competitor Savannah Air Center–which was acquired by Jet Aviation in February–is now part of General Dynamics. The Jet Aviation and Midcoast Aviation (including Savannah Air Center) brands will be retained along with current management, according to General Dynamics. Savannah Air Center is an authorized completions center for Bombardier’s Global 5000 and Global Express XRS, and Jet Aviation is an authorized completion center for Dassault Falcon in Basel and for Bombardier at Midcoast Aviation in St. Louis. The Jet Aviation acquisition also expands General Dynamics’s global maintenance capability, adding facilities in China, Germany, the Middle East, Malaysia, Russia and Singapore.