US private equity firm Carlyle Group LP (NASDAQ:CL) has revealed a deal to buy Texas-based business aviation services provider Landmark Aviation from investors GTCR LLC and Platform Partners LLC.
Carlyle did not disclose the value of the deal, but said it would finance it with equity capital from its USD13.7bn (EUR10.4bn) buyout fund Carlyle Partners V.
The buyer said it would invest to further expand Landmark, modernise its fixed based operation (FBO) network and add new locations via acquisitions and greenfield projects.
Carlyle managing director and head of the Global Aerospace, Defence and Government Services division Adam Palmer welcomed the agreement, saying that the private equity firm will partner with Landmark’s management to step up the growth of company’s FBO network.
Dan Bucaro, Landmark president and CEO also expressed confidence that under the umbrella of Carlyle which has been investing in aviation of over 20 years, his company will be able to further grow its franchise.
Landmark runs one of the world’s largest FBO networks with 51 locations across the US, Canada and France and also offers aircraft maintenance, charter and management services.
Since 1987, Carlyle’s Global Aerospace, Defense and Government Services group has invested around USD4.2bn in over 40 aerospace and defence firms.
Morgan Stanley (NYSE:MS) Barclays Plc (LON:BARC) and Kirkland & Ellis LLP are advising the vendors. Evercore Partners Inc (NYSE:EVR) and Latham & Watkins LLP are acting as advisors to Carlyle.
Completion is expected in the fourth quarter of this year, subject to conditions, including regulators clearance.