Swiss business aviation services company Jet Aviation is boosting its global expansion strategy through the purchase of US-based completions and maintenance service company Midcoast Aviation from Sabreliner for an undisclosed sum.
“When Jet Aviation was acquired by the Permira Funds in October 2005, the new owners committed to put the company on track to a faster global expansion. The acquisition of Midcoast Aviation is a significant step in this direction,” says Jet Aviation chief executive Heinz Koehli.
The acquisition will increase the company’s US presence and strengthen its position as a full business aviation service provider in North America, says Jet Aviation which owns 23 facilities worldwide. Taking into account the acquisition, which is expected to be completed by the end of the second quarter, Jet Aviation forecasts sales in excess of SwFr1 billion ($800 million) in 2006.
Midcoast Aviation, which specialises in services and support for Raytheon, Bombardier and Dassault aircraft, posted sales of $138 million in the year ending 30 June 2005.