Star Capital must acquire ASL Aviation Holdings.
The European fund manager has signed an agreement with ASL & # 39; s owners Compagnie Maritime Belge and 3P Air Freighters, who own respectively 51% and 49% of the Irish group with headquarters.
Made public, ASL calls its "extensive traffic rights and valuable slots at major airports in Europe, Asia and Africa". It provides flights, both under its own brands and on behalf of large international customers & # 39; on both passenger and freight markets.
It credits Star Capital with "a strong track record in value creation and boosting growth", noting that the private equity firm typically invests in asset-based companies "with an enterprise value between € 50 million and € 1 billion" .
ASL CEO Hugh Flynn describes the investment as "positive and progressive" and expects it to "form the basis for future growth and comprehensive services".
The managing partners of Star Capital, Paul Gough, explain: "We will work with management to innovate and develop ASL's activities with current customers, identify and realize new opportunities and make investments that secure cash flows. and generate value. "
ASL says its airlines transported 3.28 million passengers and 564,000 tons of cargo last year. It has 2,500 employees and a fleet of about 130 aircraft. The website and Flight Fleets Analyzer show that these include 737 & # 39; s and 757 & # 39; s in both passenger and cargo variants, A330 and 747 cargo ships and ATR turboprops.
The group has ASL Airlines brand units in Ireland, Belgium, France and Hungary. Other subsidiaries are Safair, K-Mile Asia, ASL Airlines Services Switzerland and X-air Services.
"While some of the group's airlines were founded more than 40 and 50 years ago, the establishment of ASL Aviation Holdings began in 1998, and the company has been profitable every year since its foundation," it states.