European fund manager STAR Capital Partnership LLP (STAR Capital) has signed an agreement to acquire Dublin-based ASL Aviation Holdings.
STAR Capital has reached agreement with ASL Holdings shareholders, Compagnie Maritime Belge (51 per cent) and 3P Air Freighters (49 per cent), to acquire 100 per cent of the shareholding in ASL Aviation Holdings, subject to customary approvals. The financial terms of this deal are confidential.
ASL Holdings has operations on six continents and its multiple airlines provide ASL with wide-ranging traffic rights and valuable slots at key airports across Europe, Asia and Africa.
The carriers’ operate scheduled and charter flights under their own brands and operate passenger and cargo networks on behalf of major international customers including express freight integrators and passenger airlines.
ASL Holdings chief executive, Hugh Flynn said it a “a positive and progressive investment that will provide the foundation for future growth and expanded service provision.”
“Our aim is to be the aviation services provider of choice and we will work with STAR Capital to continue to deliver on that by expanding our product offering, developing our geographical compass and focussing on core values including safety, reliability and quality,” Flynn added.
STAR Capital managing partner, Paul Gough added: “We are delighted with this proposed acquisition which we see as a perfect fit for our strategy to invest in strong asset-basedbusinesses and support their growth ambitions.
“We will work with management to innovate and develop ASL’s business with current customers, identify and realise new opportunities and make investments that will secure cash flows and generate value.”
In 2017 ASL Holdings airlines carried 3,283,928 passengers and 564,222 tonnes of freight on flights that totalled 202,080 hours. The group has 2,500 staff from 47 nationalities and a fleet of circa 130 aircraft.