Jet Aviation Sold to Permira Funds
Below is a MRR and PLR article in category Travel Leisure -> subcategory Aviation.
Jet Aviation Acquired by Permira Funds
Summary:
Jet Aviation, a major player in business jet services, has been acquired by Permira Funds, a leading private equity firm, pending antitrust clearance. This sale marks the end of years of speculation surrounding the Hirschmann family-owned business, based in Zurich.---
Article:
Jet Aviation, the renowned Zurich-based business jet service operator, has been sold to Permira Funds, a top international private equity firm. This acquisition, pending antitrust approval, concludes a lengthy period of speculation about the sale of the Hirschmann family business to an external buyer.
The possibility of Jet Aviation's sale has been on the table since 2000, with discussions intensifying in the industry. In 2001, Goldman Sachs attempted to find a buyer, but plans fell through due to a lack of suitable offers and the economic slowdown following the terrorist attacks that year. Recently, speculation heightened with rumors that Warren Buffet's Gulfstream Aerospace might be interested in their maintenance facilities.
Jet Aviation employs 3,500 people globally, maintaining a strong presence in the U.S., especially at Teterboro Airport in New Jersey.
Despite the impending sale to Permira, there is ongoing debate about the company’s future structure. Some industry experts suggest that Jet Aviation might be more valuable if broken into parts. This potential restructuring could involve selling off key areas, including:
1. US Maintenance Facilities: Located in Bedford, Teterboro, West Palm Beach, and Dallas, these facilities provide comprehensive airframe support for various business aircraft.
2. Completion Centers: Known for high-quality work, these centers outfit major aircraft like the Boeing BBJ and Gulfstream 550 with cutting-edge interiors.
3. FBOs (Fixed Base Operations): These facilities offer essential services such as flight handling, maintenance, refueling, and passenger accommodations. The Dubai FBO is particularly noted for its excellence.
4. Jet Professionals: Acquired in 1996, this aviation personnel service originated in 1983 and remains a significant asset.
5. Aircraft Management: With over 160 managed aircraft worldwide, including more than 50 in the U.S., Jet Aviation may consider selling this segment to New World Jet Corporation, a strategic partner and charter certificate operator.
Overall, the sale of Jet Aviation resolves longstanding questions while introducing new ones, as speculation remains a constant in the business aviation industry.
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