STAR Capital Partnership, a European fund manager, has signed an agreement to acquire ASL Aviation Holdings.
STAR Capital has reached an 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.
ASL Holdings has operations on six continents and it’s airlines provide ASL with wide-ranging traffic rights and 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 international customers.
Hugh Flynn, chief executive, ASL Holdings, called the announcement “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 focusing on core values including safety, reliability and quality,” Flynn continued.
Paul Gough, managing partner of STAR Capital said the acquisition is a “perfect fit for our strategy to invest in strong asset-based businesses and support their growth ambitions.”
Gough continued: “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.”
ASL Holdings airlines carried 3,283,928 passengers in 2017. The group has 2,500 staff from 47 nationalities and a fleet of circa 130 aircraft.