Jet Aviation has announced that they have been sold, pending antitrust clearance, to the Permira Funds a prominent international underground equity specialist. Ending several years of speculation, the Zurich based operator of company jet services has ultimately concluded what had long been expected: the sale of the Hirschmann house company to outsiders.
As early as 2000 the sale of Jet Aviation had been startling by employees as well as by commerce insiders. Indeed, Jet Aviation administration had been marketed openly throughout 2001 by Goldman Sachs, but the sale was cancelled when a favorable buyer was not found and the terrorist attacks put a additional drag on an already downturning economy. Still, rumors of the sale of the company persisted and heated up recently with investment that one of Warren Buffet's companies, i.e., Gulfstream Aerospace, may have been concerned in the company's maintenance facilities.
Breitling Aerospace
Currently, Jet Aviation is a Zurich-based concern employing 3500 citizen worldwide. Us operations remain strong with the bulk of the employees working out of Teterboro [Nj] Airport.
Even with the probable sale of the company to Permira, investment is continuing as to what will come to be of the company after the sale is completed. Some commerce leaders believe that the company is more vital for its parts than as a singular entity. Thus, parts of the company could be sold off and a scaled down Jet Aviation might remain in place. Areas of the company plan to be susceptible to a sale include:
1. Us Maintenance Facilities. With prime locations at Bedford, Teterboro, West Palm Beach, and Dallas the American facilities are capable of providing specialist airframe withhold to just about any type of company aircraft.
2. Completion Centers. Some or all of the company's award winning completion centers are plan to be extremely marketable. From the Boeing Bbj to the Gulfstream 550, and to the Sikorsky S-70A aircraft delivered "green" to Jet Aviation facilities are outfitted with state of the art interiors.
3. Fbos. Jet Aviation's group of fixed based operations which supply domestic and international flight handling, line maintenance services, refueling, passenger and crew transportation, catering and hotel accommodations and immigration and customs services are an prominent asset for the company. Indeed, the Dubai facility -- Jet Aviation's most recent Fbo -- is considered by some to be unmatched in the industry.
4. Jet Professionals. Founded in 1983, Jet Professionals -- an aviation personnel service victualer -- became part of Jet Aviation as part of the acquisition of K-C Aviation transportation Services in 1996.
5. Aircraft Management. Over 160 aircraft worldwide are managed by Jet Aviation including more than 50 in the Us alone. Many of these aircraft are also available for charter. Us operations could be sold to Jet Aviation's strategic partner, New World Jet Corporation, a Far Part 135 lease certificate operator.
In all, the sale of Jet Aviation ends one big area of investment while, at the same time, it has opened up other areas. In the world of company aviation speculation is business as usual.
Jet Aviation Sold to Permira Funds
