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 be closed 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 towards 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 (USD 800 million).
PR Newswire
The deal is subject to customary closing conditions and is expected to be closed 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 towards 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 (USD 800 million).
PR Newswire
