Tag Archives: Aviation

CVC DIF to acquire leading German aviation ground service equipment lessor HiSERV

DIF

HiSERV

  • HiSERV owns a fleet of more than 5,000 vehicles across 30 European airports
  • CVC DIF backing will support further growth in the wider European market

CVC DIF, the infrastructure strategy of leading global private markets manager CVC (via its CIF III fund), has agreed the acquisition of HiSERV, the German market leader in aviation ground service equipment (GSE) leasing from AVECO Holding.

HiSERV engages in GSE leasing and maintenance and repair services through its network of workshops across European airports. It serves a blue chip customer base of independent ground handlers, airlines and airport operators. The company owns and services a fleet of over 5,000 units varying from motorised pushback tractors and belt loaders to non-motorised dollies and baggage carts. HiSERV is headquartered in Berlin, Germany, and serves over 60 customers across more than 30 European airports.

HiSERV will be acquired from AVECO Holding, a German family holding predominantly active in facility services. In 2017, the current CEO of HiSERV Roland Ückert spun HiSERV out of WISAG Aviation Service, a leading multinational ground handler and airport service provider, with a view to establish a superior GSE leasing offering to the broader market.

The company has shown significant growth on the back of strong post-covid aviation sector recovery and a focus on delivering high-quality equipment and services to its customers. Now that HiSERV continues as a stand-alone company backed by CVC DIF, a next phase of growth lies ahead as a pan-European GSE platform.

“HiSERV has been revolutionising the GSE leasing market since 2017 by delivering premium quality at fair and transparent prices. I am thankful for the support provided by AVECO Holding in building up the company over the years and am very excited about the next chapter of growth with CVC DIF, where we can continue to enable to serve our customers to be competitive in ground handling on a pan-European level. There are significant growth opportunities for HiSERV ahead and we are keen to be supported by CVC DIF in the next phase,” said Roland Ückert, CEO of HiSERV.

Willem Jansonius, Partner and Head of CIF Investments at CVC DIF, commented: “We are impressed by HiSERV’s strong growth and relentless focus on delivering high-quality GSE and services to its customers across Europe. GSE is essential infrastructure for the aviation industry and the further electrification of the fleet will positively contribute to the energy transition of the wider industry. HiSERV is a strong platform to expand market share in the growing GSE leasing market both organically and inorganically and we look forward to working closely with Roland and his team.”

Michael C. Wisser, CEO at AVECO Holding, added: “I am proud of HiSERV’s growth path, driven by a strong team of dedicated people and their unwavering focus on customer excellence. The company is now ready for its next phase of growth to make its high-quality services available throughout the whole of Europe and CVC DIF is the perfect partner to make this happen.”

The transaction is subject to customary regulatory approvals and expected to close in Q3 2024.

 

About HiSERV

HiSERV is the German market leader in ground service equipment (GSE) leasing with a strong European foothold. Since 2017, HiSERV provides customers with the best possible fleet design at airports to optimize, and thus save, elementary resources in the long term. This is done by offering premium quality, great flexibility, and smart GSE at a fair and transparent price. The large fleet of over 5,000 units are an essential part to the aviation infrastructure.

For more information, please visit: www.hiserv.aero

About CVC DIF

CVC DIF (formerly DIF Capital Partners) is a leading global mid-market infrastructure equity fund manager.

Founded in 2005 and headquartered in Amsterdam, the Netherlands, CVC DIF has c.€18 billion of infrastructure assets under management in energy transition, transport, utilities and digitalisation.

With over 240 people in 12 offices, CVC DIF offers a unique market approach, combining a global presence with the benefits of strong local networks and sector-focused investment capabilities.

CVC DIF forms the infrastructure strategy of leading global private markets manager CVC. This partnership allows CVC DIF to benefit from CVC’s global platform, with 29 offices across five continents.

For more information, please visit www.dif.eu or follow us on LinkedIn.

About AVECO Holding

AVECO Holding is a non-listed stock corporation. It unites the business areas of WISAG with WISAG Facility Service as a full-service provider for real estate services, WISAG Industry Service as a specialist for support services for industry and WISAG Aviation Service as a full-service provider for ground handling services. AVECO Holding is family-owned and located in Germany.

For more information, please visit: www.aveco.de

 

Press contacts:

For CVC DIF

Renate Klöters

press@dif.eu

For AVECO Holding

Jana Lorena Eggert

jana.eggert@wisag.de

Share

Categories: News

Tags:

Asterion, Ardian and Crédit Agricole Assurances agree deal for the 49% stake in 2i Aeroporti

Ardian

Asterion Industrial Partners, an independent investment management firm focused on infrastructure investments in the European mid-market, Ardian, a world-leading private investment house and insurer Credit Agricole Assurance, today announce that they have agreed the sale of 49% stake of 2I Aeroporti from Ardian and Credit Agricole Assurance to Asterion.

2i Aeroporti was jointly owned by Italian fund manager F2i and the Ardian-led consortium along with Crédit Agricole Assurances since April 2015.

Throughout F2i/Ardian/Crédit Agricole Assurances joint holding period, 2i Aeroporti has grown and now holds direct and indirect participations in Milano Malpensa and Linate, Naples, Salerno (recently opened to commercial aviation), Torino, Trieste, Bologna and Bergamo airports, accounting for over 32% of passengers traffic (63m passengers in aggregate) and c. 70% of cargo (758k tons) in Italy, as of 2023.

With a significant presence in Italy, Asterion continues to grow its operations in the country and this represents its first investment in the airport sector, expanding its presence in mobility by acquiring a unique and strategic portfolio of airports with high barriers to entry, long remaining concessions and supportive regulations. In line with its ESG strategy, Asterion plans to focus on emission reduction initiatives, ease the transition to greener aviation fuels, and promote Net Zero plans to make air travel more sustainable.

This transaction is also a new opportunity to partner again with F2i, who has steadily led 2i Aeroporti since the creation of the platform in 2010.

2i Aeroporti have set the highest standards for the group’s companies in terms of service of quality for the passengers, digitalization, and sustainability over the last years. Today, all airports of 2i Aeroporti are pioneers in their market segments and have received over the years several awards by primary industry associations (incl. ACI Europe).

In 2019, Ardian’s Data Science and IT teams developed Ardian AirCarbon in close collaboration with 2I Aeroporti’s portfolio airport teams to support the Scope 3 emissions dynamic assessments at each airport. The platform uses granular, real-time operations data to quantify and project emissions. This enables airport operators to effectively monitor and reduce their CO2 emissions. Today, the platform is used by the airports in the platform, notably to support on the annual certification process for ACA (Airport Carbon Accreditation).

2i Aeroporti set up several initiatives that have contributed to the increase in efficiency and passenger flow, as well as optimization of infrastructure. These include initiatives like self-baggage drop, biometric boarding, smart security for luggage inspection, flow monitoring and luggage reconciliation systems. At Naples, an innovative satellite guided climb procedure led to 33% reduction of population exposed to noise.

“We are committed to advancing 2i Aeroporti’s position as the first airport operator in Italy, with sustainable growth and enhancing Italy’s connectivity. Our strategy includes strengthening partnerships with local stakeholders and actively supporting the aviation industry’s efforts towards decarbonization.” Guido Mitrani, Founding Partner, Asterion

“We are proud to have been shareholders of 2i Aeroporti along with Crédit Agricole Assurances over the last decade and to have supported the growth and the development of the platform and its groups of companies in the interests of public and private shareholders.. We have been able to help the group in the implementation of numerous projects and initiatives over the last few years, particularly in terms of digitalization and sustainable development. Our industrial expertise has enabled us to better support 2i Aeroporti and offer its platform relevant and innovative solutions, such as the creation of Ardian AirCarbon. We wish F2i and Asterion every success for the company’s next chapter.” Rosario Mazza, Head of Infrastructure Italy and Senior Managing Director, Ardian

The completion of the transaction remains subject to the usual conditions precedent and the approval of the relevant regulatory authorities.

ABOUT ASTERION INDUSTRIAL PARTNERS

Asterion Industrial Partners is an independent investment management firm focusing on infrastructure investments in the European mid-market. Headquartered in Madrid and with presence in London and Paris, Asterion combines transactional and operational experience with an industrial approach and active asset management within an independent and nimble platform. Asterion aims to promote operational transparency, responsible investment practices, best-in-class governance and a strong culture both for itself and in the companies in which it invests.

Asterionindustrial.com

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $166bn of assets on behalf of more than 1,650 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

ABOUT CRÉDIT AGRICOLE ASSURANCES

Crédit Agricole Assurances, France’s largest insurer, is the company of the Crédit Agricole group, which brings together all the insurance businesses of Crédit Agricole S.A. Crédit Agricole Assurances offers a range of products and services in savings, retirement, health, personal protection and property insurance products and services. They are distributed by Crédit Agricole’s banks in France and in 9 countries worldwide, and are aimed at individual, professional, agricultural and business customers. Crédit Agricole Assurances has 5,800 employees. Its premium income (non-GAAP) to the end of 2023 amounted 37.2 billion euros.

ca-assurances.com

ABOUT 2I AEROPORTI

2i Aeroporti is the holding company controlled, from 2015 to date, by F2i- Terzo Fondo per le Infrastrutture- and by a consortium led by Ardian with Credi Agricole Assurance with a 49% stake. 2i Aeroporti holds the main Italian airpots network, with about 63 millions passengers in 2023 and a 32% market share. Its portfolio includes about 36% of SEA (Milano Linate and Malpensa airports and a minority stake in Bergamo airport), the majority of the concessionaries of the following airports: Naples, Turin, Trieste and the minority stake in Bologna airport.

PRESS CONTACT

ARDIAN

HEADLAND

ardian@headlandconsultancy.com

Categories: News

Tags:

The tech firm Embention partners with Amazon to enhance its drone division

Axon

Embention, a portfolio company of the Axon Innovation Growth IV Fund, the only financial investor in the business, has just signed a commercial agreement with Amazon. Amazon has selected Embention’s autopilot technology to be installed in all the drones it is developing for aerial package delivery.

The Spanish technology company will be a key player in the ultra-fast aerial delivery service that the group founded by Jeff Bezos has already launched in the United States and is expected to reach the United Kingdom by the end of the year.

Based in Alicante, Embention is a world leader in the design and manufacture of autopilots and components for unmanned aerial vehicles (UAVs) and urban aerial mobility (UAM) solutions, including eVTOL (electric vertical take-off and landing) solutions that aim to revolutionise urban transport. The company works with aircraft manufacturers worldwide, installing the Veronte autopilot system or advising on developing customised solutions.

Its products are essential for industrial use in drones (in sectors such as firefighting, agriculture, or package delivery, among others). The company has more than 500 customers in over 70 countries (95% of turnover outside Spain) and a robust pipeline of new customers. These include Toyota of Japan, Airbus, and IAI of Israel.

The company’s revenues were €3.3m in 2022 and €4.7m in 2023 (44% growth).It is estimated that they could quadruple this year thanks to the pipeline and the Amazon deal. The Amazon contract represents revenues of €17m to be generated over the next three years and will significantly impact the company.  In addition to the commercial agreement, Amazon has obtained the right to invest in the company with warrants in Embention. This will enable Amazon to participate in the company up to 21% of the capital, which could be increased to 27% if Amazon doubles its purchases in the following years (i.e. exceeding €30m in turnover). This is a significant commitment by Amazon, not only because it trusts in technology as a strategic supplier but also because it believes in the important opportunity that the company currently has in such a disruptive market as urban air mobility solutions.

The Axon Innovation Growth IV Fund entered the technology group in 2022 by injecting €7.5m of capital, with which it obtained the aforementioned minority stake. In the same year, the company went public on the Euronext Access Paris market (ticker: MLUAV), a market for small growth companies.

Categories: News

Tags:

Apollo to provide up to EUR 1.5 billion High Grade Capital Solution to an Air France-KLM operating affiliate supported by commercial partner contracts of its Flying Blue loyalty program

Apollo logo

NEW YORK, Oct. 26, 2023 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced the signing of an agreement for Apollo-managed affiliated entities, funds and clients to invest up to €1.5 billion into an Air France-KLM (PAR: AF FP) operating affiliate holding the trademark and most of the commercial partners contracts related to Air France and KLM’s joint loyalty program (Flying Blue). Air France-KLM has committed to spend €100 million in sustainable aviation fuel over the next four years.

The inaugural European loyalty program financing transaction will provide Air France-KLM with a capital solution to further strengthen its balance sheet and enhance Flying Blue’s scalability and growth prospects. This financing is the third transaction between Apollo and Air France-KLM within the last 18 months.

Apollo Partner Jamshid Ehsani said, “Apollo is pleased to continue to serve as a capital partner to Air France-KLM. This latest transaction is indicative of our ability to provide high grade capital solutions, in scale, to high-quality corporations around the world, while creating attractive, downside protected investment opportunities for our insurance platforms, funds and clients. At Apollo, we are increasingly acting as a leading solutions provider to large global corporations active in capital intensive industry sectors, including Aviation, Real Estate, TMT, Utilities, Transportation and Pharmaceuticals, among others.”

Milbank LLP, Latham & Watkins LLP, NautaDutilh and Barclays are acting as legal counsel and financial advisor, respectively, to Apollo affiliates, funds and clients. Apollo Capital Solutions provided structuring and syndication services in connection with the transaction. Deutsche Bank AG and Skadden, Arps, Slate, Meagher & Flom LLP acted as exclusive financial and legal advisors, respectively, to Air France-KLM.

About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three investing strategies: yield, hybrid, and equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of June 30, 2023, Apollo had approximately $617 billion of assets under management. To learn more, please visit www.apollo.com.

Apollo Contacts
Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
Communications@apollo.com

 

Categories: News

Tags:

Apollo enters exclusive discussions to provide a €1.5 billion capital solution to Air France-KLM’s Flying Blue Loyalty program with commercial partners

Apollo

NEW YORK, July 27, 2023 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that it has entered into exclusive discussions regarding a €1.5 billion financing for Air France-KLM’s Flying Blue Loyalty program with commercial partners.

The bespoke transaction, part of Apollo’s high-grade partnerships, would provide one of the world’s leading airlines with a custom capital solution to further strengthen its balance sheet and support its leading Loyalty program with commercial partners.

Apollo Partner Jamshid Ehsani said, “Apollo is very pleased to enter into exclusive discussions with Air France-KLM, deepening our partnership with one of the world’s leading airlines. The contemplated transaction highlights our ability to work with companies as long-term partners to provide creative, scaled capital solutions that are responsive to their unique needs.”

The transaction discussions follow two previous Apollo-arranged investments for Air France-KLM entities in the past 12 months, demonstrating Apollo’s role as a responsive and repeat financing partner to some of the world’s leading companies.

About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three investing strategies: yield, hybrid, and equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2023, Apollo had approximately $598 billion of assets under management. To learn more, please visit www.apollo.com.

Apollo Contacts

Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
Communications@apollo.com

 


Primary Logo

Source: Apollo Global Management, Inc.

Categories: News

Tags:

Carlyle Agrees to Sell PrimeFlight Aviation Services to The Sterling Group and Capitol Meridian Partners

Carlyle

Large and growing market, breadth of service offerings and customers served, and strong operating performance all position PrimeFlight to drive continued growth

Washington, DC and Houston, TX – Funds managed by global investment firm Carlyle (NASDAQ: CG) today announced a definitive agreement to sell PrimeFlight Aviation Services (“PrimeFlight” or the “Company”) to Capitol Meridian Partners and The Sterling Group. PrimeFlight is a global provider of essential aircraft, passenger, and security-related services to commercial airline, airport, cargo, and general aviation customers.

The transaction will close upon satisfaction of customary closing conditions. Financial terms were not disclosed. The acquisition of PrimeFlight will represent a 50/50 partnership between The Sterling Group and Capitol Meridian Partners.

Headquartered in Sugar Land, TX, PrimeFlight has operations across approximately 235 stations globally. It provides a full suite of services through its network of subsidiaries, including PrimeFlight Cargo, PrimeFlight GSE Maintenance, Prime Appearance, ProFlo Industries, Skytanking, and Aviation Cleaning Supply. PrimeFlight has more than 20 years of service excellence in the aviation industry, offering customers broad and reliable support, including mission-critical fueling, deicing, and ground handling services. The Company has approximately 12,000 employees across its global footprint, with primary operations in North America and Europe.

Doug Brandely, Managing Director at Carlyle, said: “We are grateful to have had the opportunity to partner with the management team to lead the transformation of PrimeFlight. The PrimeFlight team expertly navigated an unprecedented time in the commercial aerospace industry to deliver substantial growth. Over the course of our partnership, we completed 20 acquisitions to build a global aviation services platform. PrimeFlight has an impressive runway for future growth, and we look forward to seeing the Company’s continued success.”

“We’re thankful to Carlyle for the tremendous support over the years,” said Dan Bucaro, PrimeFlight Chief Executive Officer. “This is an exciting time for PrimeFlight as we have significantly expanded our operations outside of North America, continue to execute on new business wins, and we have a strong pipeline of continued growth through our global footprint. We look forward to partnering with Capitol Meridian Partners and The Sterling Group in this evolution.”

Adam Palmer, Partner and Co-Founder of Capitol Meridian Partners, said: “We are thrilled to once again partner with the PrimeFlight management team in support of the Company’s next phase of growth. PrimeFlight represents a unique opportunity to partner with a management team for a second time on the same platform. We are excited to invest behind the Company in support of their organic and inorganic growth strategy, during a time in which the aviation industry is continuing its strong recovery from the pandemic.”

Greg Elliott, Partner of The Sterling Group, added: “We have partnered with Dan Bucaro as either CEO or Chairman on nine companies over the past twenty years. Dan and his team of industry veterans have built a tremendous platform for growth in PrimeFlight. We look forward to our continued partnership.”

Latham & Watkins, LLP is serving as legal counsel to PrimeFlight and Carlyle, and Morgan Stanley & Co LLC and Jefferies, LLC served as financial advisors to PrimeFlight. McDermott Will & Emery is serving as legal counsel to Capitol Meridian Partners and The Sterling Group.

About The Sterling Group
Founded in 1982, The Sterling Group is a private equity and private credit investment firm that targets investments in basic manufacturing, distribution, and industrial services companies. Typical enterprise values of these companies at initial formation range from $100 million to $750 million. Sterling has sponsored the buyout of 64 platform companies and numerous add-on acquisitions for a total transaction value of over $14.0 billion. Sterling currently has over $5.1 billion of assets under management. For further information, please visit www.sterling-group.com.

About Capitol Meridian Partners
Capitol Meridian Partners is a Washington, DC-based private investment firm formed in 2021 to invest in businesses operating at the nexus of government and commercial markets. The firm targets businesses where it can drive growth and value creation through active engagement and strategic transformation. The firm draws upon deep sector expertise and 70+ years of its principals’ investing experience. For further information, please visit www.capitolmeridian.com.

About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $373 billion of assets under management as of December 31, 2022, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,100 people in 29 offices across five continents. Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.

About PrimeFlight Aviation Services
Headquartered in Sugar Land, Texas, PrimeFlight Aviation Services provides major airlines, airports, cargo and general aviation customers with GSE maintenance, ground handling services, aircraft services, into-plane fueling, deicing, aviation cleaning supplies, and terminal services, across a global footprint.
For more information, visit www.primeflight.com.

Media Inquiries:
The Sterling Group – Franny Jones fjones@sterling-group.com
Capitol Meridian Partners – Chris Ullman | 202.641.2234 | chris@chrisullman.com
Carlyle – Brittany Berliner | 212.813.4839 | brittany.berliner@carlyle.com
PrimeFlight – Amanda Hoffman Byers | abyers@primeflight.com

Categories: News

Tags:

AE Industrial Partners Adds Longtime Aviation and Manufacturing Leader Dev Rudra as Vice President, Portfolio Strategy and Optimization Group

Ae Industrial Partners

BOCA RATON, FL— January 11, 2023 – AE Industrial Partners, LP (“AEI” or the “Firm”), a U.S-based private equity firm specializing in aerospace, defense and government services, space, power and utility services, and specialty industrial markets, announced today that Dev Rudra, an aviation and manufacturing executive with decades of expertise, has joined the firm as a Vice President in AEI’s Portfolio Strategy and Optimization Group. In this role, Mr. Rudra will be working closely with the Firm’s operating partners to improve operational performance across the Firm’s portfolio companies. His appointment is effective immediately.

“We’re pleased to welcome Dev to our Portfolio Strategy and Optimization Group. His extensive operations experience in aviation and manufacturing will be instrumental in driving value across our portfolio, and will also boost the Firm’s commitment to instituting ESG best practices within our companies,” said Mike Greene, Managing Partner of AEI.

As a global leader with over 25 years of experience in aircraft systems, aircraft engine maintenance and manufacturing businesses in the U.S., Singapore and Taiwan, Mr. Rudra has led multiple operational turnarounds, lean transformations, start-ups, consolidations and expansions over his career. Before joining AEI, Mr. Rudra was Managing Director of GE Aviation’s Singapore engine part repair and manufacturing operation. Previously he served in various roles at United Technologies, most recently as Director of Worldwide Repair Strategic Operations. He started his aviation career with Pratt & Whitney, where he developed his expertise in lean manufacturing and supply chain operations. Mr. Rudra holds a BE from Delhi University, and an MSE and MBA from the University of Michigan.

“AEI’s differentiated focus and experience in its target markets has enabled the firm to build a strong, strategic portfolio of innovative companies in aviation, aerospace and defense,” said Mr. Rudra. “I look forward to working closely with the management teams atour portfolio companiesto help optimize business performance, while also positioning them to be ESG innovators in their respective industries.”

About AE Industrial Partners

AE Industrial Partners is a private equity firm specializing in aerospace, defense & government services, space, power & utility services, and specialty industrial markets. AE Industrial Partners invests in market-leading companies that can benefit from our deep industry knowledge, operating experience, and relationships throughout our target markets. AE Industrial Partners is a signatory to the United Nations Principles for Responsible Investment and the ILPA Diversity in Action initiative. Learn more at www.aeroequity.com.

# # #

Media Contacts: 

Lambert

Jennifer Hurson

jhurson@lambert.com

845.507.0571

Or

Beth Wiegard

bwiegard@lambert.com

616.258.5777

Categories: News

Tags:

KKR Commits to Invest an Additional $1.15 Billion in Aircraft Leasing with Altavair

KKR

NEW YORK & SEATTLE–(BUSINESS WIRE)– KKR, a leading global investment firm, and Altavair L.P., a leader in commercial aviation finance, today announced that KKR is making an additional $1.15 billion commitment to expand its global portfolio of leased commercial aircraft in partnership with Altavair. The investment will come from KKR’s credit and infrastructure funds.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230111005843/en/

KKR has deployed and committed $1.7 billion of capital into aircraft deals since forming a partnership with Altavair and acquiring an interest in the company in 2018. KKR, in partnership with Altavair, has acquired more than 90 commercial and freighter aircraft through a variety of transactions, including lessor trades, airline direct used and new delivery sale leasebacks, structured transactions and passenger-to-freight conversions and has successfully leased more than 75% of the portfolio to tier-one airlines and operators around the world.

“We are thrilled to deepen our footprint in aircraft leasing through this new commitment, which underscores the conviction that we have in this space and our confidence in Altavair as a partner,” said Dan Pietrzak, KKR Partner and Co-Head of Private Credit. “We look forward to growing our portfolio further to support the fleet needs of airlines and operators around the world.”

“Airlines are increasingly seeking greater liquidity and fleet flexibility, which is creating significant opportunities for high quality leasing teams with deep access to private capital,” said Brandon Freiman, KKR Partner and Head of North American Infrastructure. “We are proud to serve this growing need in partnership with Altavair.”

“Aircraft leasing continues to be a dynamic and growing market that offers compelling and differentiated opportunities for experienced investors,” said Steve Rimmer, CEO of Altavair. “The portfolio that we’ve created over the past several years further evidences the power of combining KKR’s quality capital and capabilities with Altavair’s deep technical and aircraft investing expertise and innovation. We greatly appreciate KKR’s ongoing trust in our platform and look forward to building further on this success in the years to come.”

KKR has invested approximately $8.3 billion of capital in the aviation sector since 2015. Investments include Altavair, AV AirFinance, Atlantic Aviation, KKR DVB Aviation Capital, K2 Aviation, Wheels Up, Global Jet Capital and Jet Edge, among others.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

About Altavair L.P.

Altavair L.P. is an asset manager focusing on the acquisition of new and used commercial aircraft for leasing to domestic and international passenger airlines and cargo operators. Since its inception in 2003, Altavair has completed over $10 billion in commercial aircraft lease transactions with over 60 airline customers in 28 countries representing over 200 individual Boeing and Airbus aircraft. Altavair maintains offices in Seattle, London, Dublin and Singapore. For more information, please visit www.altavair.com.

 

Media:
KKR
Julia Kosygina or Miles Radcliffe-Trenner
212-750-8300
media@kkr.com

Altavair
Timothy O’Hara
425-369-8062
timothy.ohara@altavair.com

Source: KKR

Categories: News

Tags:

Latour acquires Dalair

Latour logo
2022-12-14

Investment AB Latour has, through its wholly-owned subsidiary Swegon Group AB, signed an agreement to acquire Dalair Ltd. Closing is expected to take place in January, 2023. The company was founded in 1981, has 150 employees, with the head office in Wednesbury and two additional sales offices in London and Manchester, UK. Net sales in 2021 amounted to GBP 17 m.

Dalair is a family-owned manufacturer of bespoke air handling units (AHU) based in Wednesbury just outside Birmingham. The company is one of the AHU market leaders in the UK, with a highly regarded brand and offers air handling units in various segments covering commercial buildings, offices, retail, health care and pharmaceutical industries.

“I am glad to welcome Dalair to the Swegon family. Dalair has over the last four decades become a renowned brand in the market that is well-known for their strong customer relationships and high-quality products. With the growing demand of bespoke AHU’s we now take an important step together with Dalair to complement and broaden Swegon’s offering in the UK and reach a wider customer base”, says Andreas Örje Wellstam, CEO at Swegon Group.

“With Swegon we see a continued successful journey for Dalair. We share the same focus on quality and aim to be a trusted and competent partner for our customers, which makes Swegon a perfect fit for us. We look forward to becoming a part of Swegon, which will enable us to strengthen our position in the UK even further”, says Glyn Moseley, founder of Dalair.

As an effect of the acquisition the net debt of the Latour Group is expected to increase with about SEK 0.4 billion.

Göteborg, 14 December, 2022

INVESTMENT AB LATOUR (PUBL)
Johan Hjertonsson, CEO

For further information, please contact:
Andreas Örje Wellstam, CEO Swegon +46 31 89 58 00
Rebecca Palm Ballesta, Corporate Development Swegon +46 31 89 58 00

Swegon Group is a market leading supplier in the field of indoor environment, offering solutions for ventilation, heating, cooling and climate optimisation, as well as connected services and expert technical support. Swegon has subsidiaries in and distributors all over the world and 19 production plants in Europe, North America and India. The company employs close to 3,000 people and a turnover of SEK 6 billion.

Investment AB Latour is a mixed investment company consisting primarily of a wholly-owned industrial operations and an investment portfolio of listing holdings in which Latour is the principal owner or one of the principal owners. The investment portfolio consists of ten substantial holdings with a market value of about SEK 68 billion. The wholly-owned industrial operations has an annual turnover of SEK 22 billion.

Downloads

Categories: News

Tags:

Genstar Capital Joins GTCR as Investor in JSSI

SAN FRANCISCO and CHICAGO, November 11, 2022—Genstar Capital, a leading private equity firm focused on investments in targeted segments of the financial services, healthcare, software, and industrials industries, today announced a significant investment in Jet Support Services, Inc. (JSSI), the leading independent provider of aircraft maintenance support and financial tools for the business aviation industry. Genstar is partnering with existing investors GTCR, the Book family and JSSI’s management team to support the company’s next phase of growth.

For more than 30 years, JSSI has been delivering Hourly Cost Maintenance (HCM) Programs to the business aviation industry, partnering with aircraft owners and operators to help stabilize aircraft costs, assure high quality maintenance and provide enhanced customer service. JSSI also offers maintenance tracking software, a result of two notable acquisitions in the past 18 months, a global multi-channel parts distribution and engine leasing business (JSSI Parts & Leasing), and a subscription-based aircraft operating cost and performance guide (Conklin & de Decker), all of which provides synergistic benefits to aircraft operators.

The company has a global footprint across 85 countries, with 450 employees, including 75 technical advisors and product line specialists supporting 5,000+ aircraft and overseeing 10,000+ annual maintenance events. JSSI facilitates and streamlines carbon offset purchasing directly through its customer platform, allowing customers to monitor and reduce their carbon footprint. JSSI Parts & Leasing supports sustainable utilization through recycling of parts via aircraft teardowns and subsequent reuse of serviceable parts in maintenance and repair work.

Neil Book, Chief Executive Officer of JSSI, said, “We are laser focused on creating value for our customers by simplifying and easing the complexities of aircraft maintenance. My team and I are appreciative for the ongoing collaboration with GTCR, which has been a fun and rewarding partnership since 2020. As we start this next chapter, Genstar is an ideal partner, with a tremendous track record, to support our ambitious growth plan.”

Genstar’s investment in JSSI spanned a multi-vertical team across software, insurance and industrials, led by Eli Weiss, Ryan Clark and Rob Clark. “Genstar has a rich history investing across software, insurance and industrial distribution businesses and is excited to bring that unique perspective to help JSSI in its next chapter. JSSI is extremely well positioned to further its position in the private aircraft maintenance sector by leveraging its 30-year history in the industry. We are closely aligned with GTCR on how to create meaningful value and the JSSI team is poised to embark on its next chapter of growth. We look forward to working with Neil, his team and GTCR to further the company’s offerings and deliver value to customers,” said Weiss, Clark and Clark.

Craig A. Bondy, Managing Director at GTCR, added, “Since our investment in 2020 we have worked closely with Neil to accelerate JSSI’s growth, including completing two key acquisitions to significantly grow the company’s maintenance tracking software business and deliver advanced solutions to a wider cross section of the business aviation community. Genstar’s investment is a testament to the hard work of the JSSI team and the value proposition they deliver to customers.”

Simpson Thacher & Bartlett LLP served as legal counsel to Genstar. Kirkland & Ellis LLP served as legal counsel to GTCR.

About Genstar Capital

Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for over 30 years.  Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar currently has approximately $35 billion of assets under management and targets investments focused on targeted segments of the financial services, healthcare, industrials, and software industries.

About GTCR

Founded in 1980, GTCR is a leading private equity firm that pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through organic growth and strategic acquisitions. GTCR is focused on investing in transformative growth in companies in the Business & Consumer Services, Financial Services & Technology, Healthcare and Technology, Media & Telecommunications sectors. Since its inception, GTCR has invested more than $24 billion in over 270 companies, and the firm currently manages over $27 billion in equity capital. GTCR is based in Chicago with offices in New York and West Palm Beach. For more information, please visit www.gtcr.com. Follow us on LinkedIn.

About Jet Support Services, Inc.

For more than 30 years, Jet Support Services, Inc. (JSSI), has been the leading independent provider of maintenance support and financial services to the business aviation industry. JSSI supports in excess of 5,000 business jets and helicopters across the globe through its maintenance programs and software and serves customers through an infrastructure of certified technical advisors. JSSI leverages this technical knowledge, experience, buying power and data to provide support at every stage of the aircraft lifecycle, from aircraft acquisition to aircraft teardown and part out. For more information, visit jetsupport.com.

Media Contacts:

For JSSI
Chiara Lawrance
8020 Communications
+44 1483 447380
JSSI@8020comms.com

For GTCR
Andrew Johnson
(212) 835-7042
andrew.johnson@gtcr.com

For Genstar Capital
Chris Tofalli Public Relations
Chris Tofalli
914-834-4334
chris@tofallipr.com

Categories: News

Tags: