Zurich-based worldwide aviation service company Jet Aviation is being acquired by Permira, a European-headquartered private-equity group. With a formal closing expected in late September, the sale will end uncertainty over the fate of the Hirschmann-family-controlled enterprise, which had been informally in play since the family put it on the market in early 2002.
Heinz Kohli, who in May 2003 was named CEO of Jet Aviation Group, left the company last month “effective immediately.” In revealing this development, officials of the Zurich-based worldwide business aviation services conglomerate would not comment beyond saying that “differences over the company’s future strategy” led Kohli to resign.
Heinz Kohli, who in May 2003 was named CEO of Jet Aviation Group, abruptly decided to leave the company “effective immediately.” In revealing this development today, officials of the Zurich-based worldwide business aviation services conglomerate would not comment beyond saying, “Differences over the company’s future strategy” led Kohli to resign.
Swiss-based Jet Aviation Group announced today that it reached an agreement to acquire St. Louis business jet maintenance and modification company Midcoast Aviation from Sabreliner. The deal is subject to the customary approvals and is expected to be closed in the spring. Sabreliner purchased Midcoast in 1994. When Jet Aviation was acquired by Permira Funds last October, the new owners committed to expanding the company.
Jet Aviation has dropped plans to build an FBO at Kuwait International Airport. Asked for a status report on the facility that was due to have opened late last year, Jet Aviation told AIN that it has “discontinued the cooperation with the local partners in Kuwait and the project has been stopped.” The Swiss-based group said that it is now focusing future business development on Europe, Asia, South America and the U.S.
Jet Aviation, founded almost 40 years ago in 1967 by the late Carl Hirschmann as a modest one-hangar FBO in Basel, Switzerland, has enjoyed constant growth ever since the company was acquired by European private equity company Permira Funds in mid-2005. At the time of the takeover, Jet Aviation employed a staff of 3,500 in Europe, the U.S. and Asia.
On August 11 European private equity group Permira said it would buy a majority stake in Zurich, Switzerland-based aviation services company Jet Aviation for an undisclosed amount. With a formal closing expected later this month, the sale will end the uncertainty about the fate of the Hirschmann-family-controlled enterprise, which was informally “in play” since it was first put up for sale in early 2002.
When European private-equity firm Permira acquired Jet Aviation from the Hirschmann family five months ago, some industry observers speculated that the new money people would spin off some of the Swiss-based company’s varied business components, the better to help digest their substantial bite into the business-aviation apple.
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