European private equity firm Permira agreed last month to sell business aviation service company Jet Aviation for a reported $2.25 billion. Permira bought the Swiss-based general aviation conglomerate in 2005 for an estimated $700 million from an ownership group led by the Hirschmann family. The late Carl Hirschmann founded Jet Aviation decades ago. With its worldwide interests in FBOs, completion centers and charter operations, Jet Aviation will continue to operate under the same name, as will Midcoast Aviation, which is included in the deal and was acquired as part of the Permira/Jet Aviation family in March 2006. The acquisition remains contingent upon antitrust legal approval, but is expected to close by year end.
General Dynamics to Acquire Jet Aviation From Investment Firm
Key Takeaways:
- European private equity firm Permira is selling business aviation service company Jet Aviation for a reported $2.25 billion.
- Permira originally acquired Jet Aviation, including Midcoast Aviation, in 2005 for an estimated $700 million.
- Both Jet Aviation and Midcoast Aviation will continue to operate under their current names, with the deal contingent on antitrust approval and expected to close by year-end.
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