Gestair to invest $115 million in its fleet
Gestair Private Aviation has announced a $115 million investment over the next four years to further expand its 30-aircraft fleet. The Spanish-based company is also planning a new main- tenance hangar. Also anticipated is FBO network expansion and company acquisitions abroad.
During 2007 to 2010, parent company Gestair Group will restructure its executive charter operation around three divisions. Gestair Private Jets will be responsible for the management of company and third-party aircraft. Gestair FBO will incorporate the FBO network, which today includes bases in Madrid, Barcelona, Palma de Mallorca, Burgos, Santiago and La Coruña. The third division will be Gestair Maintenance, which employs 100 technicians. In addition, a consulting department will offer advice on acquisition and sale of aircraft.
Last year, Gestair Private Aviation’s revenues were $120 million. Some 270 employees supported 10,800 flight hours and 18,300 passengers.