Encore FBO and private-equity firm GTCR Golder Rauner announced late yesterday that they entered a joint definitive agreement to acquire Landmark Aviation’s FBOs from DAE (Dubai Aerospace Enterprise) Aviation Holdings. The transaction is for $436 million, “subject to adjustment as provided in the purchase agreement,” according to a disclosure filed publicly by DAE yesterday.
The first Cessna Citation Encore+ was delivered last week, nearly five months after receiving FAA type certification. The company expects to deliver another 24 by year-end, although it won’t divulge the number of airplanes ordered thus far. The $8.1 million business jet seats between seven and 11 passengers and is equipped with FADEC Pratt & Whitney Canada (P&WC) PW535B engines, the newest member of P&WC’s PW500 line.
Not satisfied to rest on its laurels of introducing 25 new or derivative Citations in the last 10 years, Cessna used the NBAA venue to introduce its 26th model, the Encore+. Scheduled for certification by the end of 2006 to enable initial deliveries in February 2007, the Encore+ introduces several improvements over the Encore.