PrivatAir U.S. division sold to Gama Holdings

 - March 31, 2008, 10:20 AM

Farnborough, UK-based business aircraft operations company Gama Holdings purchased PrivatAir Inc., the U.S. division of PrivatAir Group, on February 29 for
an undisclosed sum. Gama also bought 25 percent of charter operator Flight Services Group (FSG), which provides charter services to the former U.S. PrivatAir management clients.

Gama Holdings has renamed the U.S. company Gama Aviation. The move expands Gama’s U.S. interests, which before the acquisition included only a small operation in Teterboro, N.J.

Gama CEO and founder Marwan Khalek noted, “Gama has enjoyed significant growth over the past 25 years, particularly in the last six. This year has seen our expansion in a number of key markets.” Parent company Gama Holdings now manages 62 aircraft worldwide, and five more were scheduled for delivery by the end
of last month. Although Flight Services Group is now partially foreign-owned, “operational control remains strictly with FSG and its management,” a Gama Holdings spokesman told AIN.

PrivatAir CEO Greg Thomas said his company is “refocusing efforts on its European business and believes that the buoyancy of the U.S. private aviation market makes it the perfect time to sell our U.S. division.”