Dubai Aerospace sells Landmark Aviation's FBO's to investment firm for $435 million
27 Mar 2008
Dubai-headquartered, global aerospace manufacturing and services corporation, Dubai Aerospace Enterprise (DAE), has announced it has completed the sale of Landmark Aviation's Fixed Base Operations (FBO) business to GTCR for $435 million. GTCR is a leading private equity investment firm.
Today's announcement closes one aspect of DAE's purchase of Landmark Aviation and Standard Aero in August 2007. At that time, DAE had said that it would divest the Landmark Aviation Airport Services business, which includes 34 fixed base operations, an aircraft sales, charter & management business, and several small maintenance, repair and overhaul (MRO) operations associated with certain FBO sites in order to concentrate its efforts on the MRO operations of Landmark Aviation and Standard Aero.
The sale of the FBO business to GTCR includes the Landmark Aviation name.
DAE said through a statement that it has consolidated the MRO businesses of Landmark Aviation and Standard Aero over the past seven months, which will now operate under a single brand entity, Standard Aero.
DAE retains its Associated Air Center business, previously a business unit of Landmark Aviation, which produces luxury and VIP interiors for transport size aircraft.
The new Standard Aero business, a DAE Engineering company, has $1.4 billion in annual revenues specializing in engine maintenance, repair and overhaul, and nose-to-tail services that include airframe, interior refurbishments and paint for business and general aviation, air transport, and military aircraft.
Associated Air Center produces luxury and VIP interiors for transport size aircraft. The companies, part of the DAE Engineering division, form a global services network of 12 primary facilities in the US, Canada, Europe, Singapore and Australia, with an additional 14 regionally located service and support locations.
DAE is a fast developing global aerospace, manufacturing and services corporation made up of six divisions - DAE Airports, DAE Capital, DAE Engineering, DAE Manufacturing, DAE Services and DAE University.
The group is growing through a series of phased developments and acquisitions to become a global player and to produce an integrated aerospace cluster, based at Dubai World Central - the new 140 square kilometer airport and logistics city being constructed in Jebel Ali, Dubai.
DAE's shareholders include EMAAR, ISTITHMAR, Dubai Silicon Oasis (DSO), Dubai International Capital, DIFC Investments LLC, the Government of Dubai and AMLAK Finance.
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