Irish entrepreneur Dermot Desmond has acquired a majority shareholding in the entities that compose ExecuJet Aviation Group, which provides charter/management services, sales for Bombardier Business Aircraft and Grob Aerospace, aircraft maintenance services and operates FBOs on four continents. Niall Olver will remain ExecuJet’s CEO, while Desmond will become chairman of the company.
In yesterday's report about the change of ownership at ExecuJet Aviation ("Desmond Buys Majority Share of Execujet"), AINonline incorrectly reported that Dermot Desmond is the majority owner of Grob Aerospace. In fact, Mr Desmond holds no shares in Grob Aerospace and has no connection with the company.
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.