Dubai Aerospace Enterprise (DAE), the Middle East-based start-up that is seeking to command a global presence in a number of aviation sectors, finalized the buyout of Landmark Aviation and Standard Aero Holdings from The Carlyle Group this week. DAE paid $1.9 billion for the two MRO companies. According to DAE, Landmark and Standard Aero will serve as the core of its plan to become a global MRO provider. As such, it plans to sell off Landmark’s 33-piece FBO network in short order. Landmark yesterday also appointed Shawn Vick CEO of airport services, which oversees the FBO, until the sale is complete. An independent board of trustees made up of such heavy hitters as former Secretary of Defense James Schlesinger will oversee the sale. The Associated Air Center, which was operated by Landmark, will be in a separate division under the control of DAE’s engineering sector. Standard Aero’s president and CEO Paul Soubry will serve as the new president and CEO of the two companies. Roger Wolfe, Landmark’s CEO, said he plans to retire.
DAE Finalizes Deal with Landmark, Standard Aero
- August 2, 2007, 12:03 PM