Desmond Buys Majority Share of ExecuJet

 - May 8, 2007, 11:45 AM

Irish entrepreneur Dermot Desmond has acquired majority ownership of Zurich-based ExecuJet Aviation Group, the company announced today. Though the terms were not released, Desmond will hold more than 51 percent of ExecuJet and join the board as chairman. According to ExecuJet CEO Niall Olver, who will remain in place “for the time being,” ExecuJet sought the investment to recapitalize for future development. Currently ExecuJet manages more than 100 aircraft worldwide and also serves as a dealer for Bombardier. Desmond is an Irish businessman who has had recent success in aviation. He bought London City airport in 1995 for £23.5 million and turned it for a major profit last year, selling the airport for a reported £750 million. Olver, who is also CEO of Grob, emphasized to AIN that the companies will remain completely separate, despite similar management.