While current private equity owners GTCR Golder Rauner and Platform Partners have yet to confirm reports that FBO chain Landmark Aviation is for sale, industry sources say that a deal for the services provider is close to being struck.
According to several insiders, the Carlyle Group investment fund manager–which owned the service provider (formerly known as Garrett/Piedmont-Hawthorne/Associated until its rebranding as Landmark) before its 2007 sale to Dubai Aerospace Enterprise (DAE)–will once again acquire the U.S.-based group.
Carlyle is believed to be one of three finalists from a narrowed list of potential suitors that also included rival chains Signature Flight Support and Atlantic Aviation. The asking price for Landmark–which includes 52 FBOs throughout the world, as well as MRO facilities and an aircraft charter/management fleet–is estimated to be about $700 million.
GTCR and Platform Partners’ portfolio company Encore FBO bought the chain’s then 34 FBOs along with its aircraft charter/management unit and its maintenance parts assets from DAE in 2007 for a reported $436 million. At press time, GTCR and Platform Partners did not respond to AIN’s inquiries about the potential deal, while representatives from Landmark and the Carlyle Group declined to comment.