Wednesday 20 March 2019

Swords aviation firm deal

John Manning

STAR Capital Partnership LLP, ("STAR Capital"), a leading European fund manager signed an agreement to acquire Swords aviation company, ASL Aviation Holdings.

Headquartered in Swords, ASL Holdings is a global aviation services provider with operations on 6 continents. The Group's multiple airlines provide ASL with wide-ranging traffic rights and valuable slots at key airports across Europe, Asia and Africa.

ASL's airlines 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.

STAR Capital has reached agreement with ASL Holdings shareholders, Compagnie Maritime Belge (51%) and 3P Air Freighters (49%), to acquire 100% of the shareholding in ASL Aviation Holdings, subject to customary approvals. The financial terms of this deal are confidential.

Hugh Flynn, Chief Executive, ASL Holdings, welcomed the announcement as '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,' Hugh Flynn continued.

Paul Gough, Managing Partner of STAR Capital said: 'We are delighted with this proposed acquisition which we see as a perfect fit for our strategy to invest in strong asset-based businesses and support their growth ambitions.'

Fingal Independent