The Carlyle Group Acquires Landmark Aviation

Landmark Aviation operates one of the largest FBO networks in the world, with 51 locations throughout the United States, Canada and France


Washington, DC, Houston, TX and Chicago, IL – Global alternative asset manager The Carlyle Group (NASDAQ: CG) today announced that it has agreed to acquire Landmark Aviation from GTCR and Platform Partners.

Equity capital for the transaction will come from Carlyle Partners V, a $13.7 billion buyout fund. The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the fourth quarter of 2012. Terms of the transaction were not disclosed.

Landmark Aviation operates one of the largest fixed based operation (FBO) networks in the world, with 51 locations throughout the United States, Canada and France, and also provides a range of aircraft maintenance, charter and management services. Together with Landmark’s existing management team, Carlyle plans to support the company’s growth strategy by investing in the continued expansion and modernization of its existing FBO network as well as pursuing additional locations through acquisitions and greenfield developments.

Adam Palmer, Carlyle Managing Director and Head of the Global Aerospace, Defense and Government Services team, said, “Landmark Aviation has established a strong reputation in the business aviation industry for its emphasis on safety and customer service. We look forward to partnering with Landmark’s experienced and talented management team to accelerate the growth of the company’s FBO network.”

Dan Bucaro, Landmark President and CEO, added, “Over the past several years, we have worked closely with airport authorities and the communities we serve as we have built Landmark Aviation into a world-class FBO platform. We are excited to work with Carlyle, a noted investor in aviation for more than two decades, in continuing to grow the Landmark franchise.”

“We have greatly enjoyed working with Dan and his team over the past five years,” said GTCR Principal Craig Bondy.  “Landmark management and employees worked tirelessly to build a strategic and valuable network. We look forward to seeing the next chapter of the Landmark story develop under Carlyle’s ownership.”

Carlyle’s Global Aerospace, Defense and Government Services group has invested approximately $4.2 billion in more than 40 aerospace and defense companies since 1987, including past stakes in Avio SpA, Howmet International and Vought Aircraft, and current stakes in ARINC Incorporated, Sequa Corporation and Wesco Aircraft Holdings (NYSE: WAIR).

Morgan Stanley, RBC Capital Markets and Barclays have committed to provide debt financing for the transaction.

 

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