Giant Nordic Aviation to buy Shannon aircraft firm Aldus
Shannon-based aircraft leasing firm Aldus Aviation is being acquired by Denmark's Nordic Aviation Capital in a move that is likely to mean a payday for the Irish firm's management team.
Nordic Aviation Capital is the world's biggest independently-owned regional aircraft leasing company, with a fleet of over 250 turboprop and small jet aircraft.
It has over 130 ATR turbo prop aircraft, almost 95 Bombardier DASH turboprops, and 19 Bombardier CRJ jets.
It also has a small number of Boeing 737s in its fleet. It has notified the Competition and Consumer Protection Commission that it intends to acquire Aldus, which has a fleet of about 30 small jets that are manufactured by Brazilian maker Embraer.
Adlus is owned by its management team, which includes Irish chairman Philip Bolger. Now based in Vermont, he's a former GPA executive. He owns 20pc of Aldus.
UK-based chief executive Stephen Gorman owns 40pc, while chief operations officer Ciaran Redmond owns 20pc.
Andrew Cameron, another director of Aldus, owns 10pc, while the remaining 10pc is owned by director Val Flynn. The latest set of accounts for Aldus Aviation show that it generated a profit of almost $400,000 in the financial year ended March 31, 2015.
That compared to a profit of $147,000 the year before.
Revenue totalled $3.9m in the 2015 financial year, compared to $3.1m a year earlier.
Neither Aldus nor Nordic Aviation Capital had responded to queries at the time of writing.
Aldus Aviation focuses on the ownership and leasing of the Embraer E-jet family of aircraft that seat between 70 and 120 people.