NEW YORK, March 20 /PRNewswire/ -- The Swiss-based Jet Aviation Group, one of the leading business aviation services companies in the world, has completed the acquisition of U.S.-based Midcoast Aviation, a leading corporate jet aircraft maintenance, modification and completion provider, from Sabreliner Corporation. All parties agreed that further details about the transaction, including the transaction size, will not be disclosed.
"Jet Aviation and Midcoast Aviation strategically complement one another and as a group we will now also become a major provider of completions, modification and maintenance services in North America," said Heinz Kohli, CEO of Jet Aviation Group. "We are pleased that this deal has been finalized and will continue working with our majority shareholder, Permira Funds, toward additional global expansion."
"The Midcoast acquisition is a win-win for both companies, greatly enhancing Jet Aviation's presence in North America and raising Midcoast's profile internationally," said Theo Staub, president and COO of Jet Aviation North America. "More importantly, our clients will benefit from the harmonious combination of our expert skills and shared commitment to providing exceptional service."
"The resources of Jet Aviation Group will continue to support Midcoast growth, just as Sabreliner has for more than a decade. Our company has aggressive expansion plans to meet the growing demand for top-tier business aircraft maintenance, modification and completions services," added Kurt Sutterer, president of Midcoast Aviation. "We look forward to expanding our reach with the Jet Aviation Group."
Midcoast retains its name with the addition of "a Jet Aviation Company," and continues to operate with a consistent team in place under the leadership of Sutterer, who now reports directly to Staub.
Midcoast Aviation is a full-service corporate jet aircraft maintenance, modification and completion provider and employs 875 professionals with operations at St. Louis Downtown Airport and Lambert-St. Louis International Airport, both in the St. Louis, Missouri, area. The company specializes in service and support for top-tier aircraft and is an Authorized Service Center/Facility for Dassault Falcon Jet, Raytheon Corporate Jets and Bombardier Aerospace. In addition, Midcoast is the only Bombardier-Authorized Service Facility for Global Express aircraft in the U.S. The company also specializes in servicing the complete line of Gulfstream aircraft. For more information on Midcoast Aviation, please visit the web site athttp://www.midcoastaviation.com.
Jet Aviation, with its worldwide operational headquarters in Zurich, was founded in Switzerland in 1967 and is one of the leading business aviation services companies today. More than 3,700 professionals are employed in more than 60 facilities and stations around the world. The company provides maintenance, completion and engineering services, fixed base operations, airline handling, along with aircraft sales, charter, and management on a global basis. In addition, Jet Aviation operates in Europe (Zurich), Asia (Hong Kong), in the Middle East (Dubai) and in the U.S. (Teterboro, New Jersey) an aircraft management and charter fleet of more than 170 aircraft. For additional information on Jet Aviation, please visit the web site athttp://www.jetaviation.com.
SOURCE Jet Aviation
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