ZURICH , Switzerland and TETERBORO, N.J., Jan. 31 /PRNewswire/ -- The Swiss-based Jet Aviation Group, one of the leading business aviation services companies in the world, announced today that it reached an agreement to acquire the U.S. based Midcoast Aviation from Sabreliner Corporation. All parties have agreed that further details about the transaction, including the transaction size, will not be disclosed.
The deal is subject to customary closing conditions and is expected to beclosed in spring 2006. "When Jet Aviation was acquired by the Permira Funds in October 2005, the new owners committed to put the company on track toward a faster global expansion. The acquisition of Midcoast Aviation is a significant step in this direction," says Heinz Kohli, CEO of the Jet Aviation Group. "Midcoast Aviation has a similar business philosophy as Jet Aviation. The addition of one of the leading completions and maintenance service companies into Jet Aviation's U.S. organization will not only increase our U.S. presence but strengthen our position as a full business aviation service provider in North America," adds Theo Staub, president and COO of Jet Aviation North America.
Kurt F. Sutterer, president of Midcoast Aviation says, "We consider Jet Aviation a perfect fit. Like Jet Aviation, we make substantial investments in resources and people to provide exceptional service to the benefit of our customers. We are happy to become part of the Jet Aviation Group."
Midcoast will retain its name with the addition -- a Jet Aviation Company -- and will continue to operate under the leadership of Kurt F. Sutterer who will report directly to Theo Staub. With the acquisition of Midcoast Aviation the Jet Aviation Group forecasts net sales in excess of 1 billion CHF in 2006(
Midcoast Aviation is a full-service corporate jet aircraft maintenance, modification and completions provider and employs 850 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. In the fiscal year ending June 30, 2005 Midcoast reported net sales of
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, completions 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. In 2005, Jet Aviation achieved preliminary net sales of CHF 830 million (
SOURCE Jet Aviation Group
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