Corporate Wings in Richmond Heights has sold its aircraft services business to an Australian company for $615 million.
The business, called a "fixed base operator," or FBO, runs 24 facilities nationwide under the names Mercury Air Centers, Corporate Wings, San Jose Jet Center, FirstAir, Air Services and I-X Jet Center.
The facilities provide fuel, maintenance, hangar and auto rental services, as well as lounges, conference rooms and offices, to pilots of business aircraft.
Corporate Wings operates three of those facilities in Greater Cleveland - two at Cleveland Hopkins International Airport and one at the Cuyahoga County Airport in Richmond Heights.
Before selling the business to Macquarie Infrastructure Group of Melbourne, Corporate Wings employed 450 "aviation personnel," according to a company statement. Phone calls to the company's marketing vice president were not immediately returned Thursday.
No local jobs will be displaced, the company said in its statement. The Corporate Wings headquarters will remain in Richmond Heights.
Chief Executive Kenn Ricci started Corporate Wings three decades ago as an aircraft management and charter company. Ricci has received many awards, including an Ernst & Young Entrepreneur of the Year award.
Ricci also founded Flight Options, the fractional jet operator in Richmond Heights now owned by Raytheon Co. Fractional jets are owned by several people or companies.
Corporate Wings executives, including Chief Financial Officer Michael Rossi, now will focus on aerospace ventures, such as jet management, maintenance, avionics and engine repair, the company said in its statement.
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