Piper announced on July 21 that American Capital Strategies, a minority (about 2 percent) shareholder in the company since 1998, has acquired 94 percent of the Vero Beach, Fla.-based manufacturer’s voting equity. The announcement followed word on July 15 that ACS had secured Piper’s bank debt for approximately $75 million.
Private equity firms
Landmark Aviation has added Jimsair Aviation Services, located at San Diego International Airport, to its network of FBOs. The acquisition brings the number of Landmark FBOs to 42, with locations in the U.S., Canada and Western Europe. In March, Encore FBO, GTCR Golder Rauner and Platform Partners acquired Landmark Aviation’s Airport Services division from Dubai Aerospace Enterprise.
Inmarsat, the main satellite communications provider to civil aviation, maritime and land-mobile users, has been placed on the sales block after the company once again canceled plans to float a public stock offering. At press time, three suitors–Apollo Advisers, Apax Partners and Permira–were understood to be on the verge of submitting final bids to purchase the UK-based company, estimated to be worth about $1.6 billion.
Two new companies have invested in HIG Transport Holdings, the holding company that owns Cleveland-based fractional-share provider Flight Options. Resilience Capital Partners, based in Cleveland, and Directional Aviation Capital of nearby Richmond Heights now own a minority stake in HIG Transport Holdings.
Two new investors have invested in HIG Transport Holdings, the holding company that owns Cleveland-based fractional-share provider Flight Options. Resilience Capital Partners, based in Cleveland, and Directional Aviation Capital of nearby Richmond Heights now own a minority stake in HIG Transport Holdings.
Encore FBO and its financial backers, GTCR Golder Rauner and Platform Partners, finalized the purchase of Landmark Aviation’s Airport Services Division from Dubai Aerospace Enterprise on March 3. The purchase adds 33 FBOs to Encore’s eight, bringing the new chain to 41 facilities, all now branded under the Landmark Aviation name.
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.
Adam Aircraft Industries reported the closing of a “significant investment” by GS Capital Partners 2000, a private equity fund managed by the prestigious Goldman Sachs–where Adam CEO Rick Adam was formerly a general partner.
Goldman Sachs, the Wall Street investment firm, has a thing for business aviation, according to Sanjeev Mehra, the firm’s managing director. Raytheon Aircraft, purchased on March 26 this year, was its most recent acquisition. Investment funds controlled by the Goldman Sachs affiliate Goldman Sachs Capital Partners and Canada’s Onex Partners bought the Wichita OEM for $3.3 billion in debt and equity and renamed it Hawker Beechcraft.
Dubai Aerospace Enterprise (DAE), the Middle East-based start-up that is seeking to command a global presence in a number of aviation sectors, finalized the buyout of Landmark Aviation and Standard Aero Holdings from The Carlyle Group this week. DAE paid $1.9 billion for the two MRO companies. According to DAE, Landmark and Standard Aero will serve as the core of its plan to become a global MRO provider.