| 26 Mar 2008 |
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Dubai Aerospace Enterprise completes sale of Landmark Aviation FBO business to GTCR
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DAEDAE
's MRO Operations Move Forward Under Standard Aero NameDUBAI, UAE, March 26, 2008 -- Dubai Aerospace Enterprise (DAE)Dubai Aerospace Enterprise (DAE)
, the global aerospace manufacturing and services corporation, today announced it has completed the sale of Landmark Aviation's Fixed Base Operations (FBO) business to GTCR, a leading private equity investment firm for US$435 million. Today's announcements mark the culmination of a plan established by DAEDAE as part of its purchase of Landmark Aviation and Standard Aero in August 2007. At that time, DAEDAE announced its intention to divest the Landmark Aviation Airport Services business, which includes 34 fixed base operations, an Aircraft Sales, Charter & Management business, and several small maintenance, repair and overhaul (MRO) operations associated with certain FBO sites in order to concentrate its efforts on the MRO operations of Landmark Aviation and Standard Aero. The sale of the FBO business to GTCR includes the Landmark Aviation name.
In parallel, DAEDAE has, over the past seven months, consolidated the MRO businesses of Landmark Aviation and Standard Aero, which will now operate under a single brand entity, Standard Aero.
DAEDAE
is also retaining and looking to grow its Associated Air Center business, previously a business unit of Landmark Aviation located at Dallas Love Field (DAL), USA. It formed part of the original August acquisition and produces luxury and VIP interiors for transport size aircraft. "Our goal from the initial stage of the acquisition was to focus on building a global MRO operation and divest the FBO business," said His Excellency Dr. Omar Bin Sulaiman, Managing Director, DAEDAE Group. "I want to commend the management team of DAEDAE for achieving the key benchmarks throughout the process. I had the chance to recently visit Standard Aero's San Antonio facility and was impressed with the quality of the team, the close collaboration among business units and the commitment to delivering outstanding customer service."
"We are pleased to have completed this transaction with GTCR," said Bob Johnson, CEO of Dubai Aerospace Enterprise, adding: "We appreciate the dedication and hard work of the Landmark FBO team, particularly through the sale process, and expect that GTCR will help build the business even further."
Rob Mionis, CEO of DAE Engineering and Manufacturing, said: "The new Standard Aero is already a major force in the MRO space, with an outstanding workforce and an unparalleled reputation for quality and service and has already made significant steps forward with DAEDAE. It is well positioned to take advantage of opportunities throughout North America and internationally with DAEDAE."
Since August 2007, the operations of Landmark Aviation Airport Services and the sale process were overseen by an independent board of trustees.
The new Standard Aero business, a Dubai Aerospace Enterprise (DAE) Engineering company, has US$1.4 billion in annual revenues. It specializes in engine maintenance, repair and overhaul, and nose-to-tail services that include airframe, interior refurbishments and paint for business and general aviation, air transport, and military aircraft.
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About DAEDAE:
DAEDAE is a fast developing global aerospace, manufacturing and services corporation made up of six divisions - DAE Airports, DAE Capital, DAE Engineering, DAE Manufacturing, DAE Services and DAE University.
Headquartered in Dubai, the group is growing through a series of phased developments and acquisitions to become a global player and to produce an integrated aerospace cluster, based at Dubai World Central - the new 140 square kilometer airport and logistics city being constructed in Jebel Ali, Dubai. It is forming international partnerships at the highest level of industry with the aim of establishing one of the most innovative and successful businesses in the global aerospace industry within the next decade.
DAEDAE's shareholders include EMAAR, ISTITHMAR, Dubai Silicon Oasis (DSO), Dubai International Capital, DIFC Investments LLC, the Government of Dubai and AMLAK Finance.
For further information contact:
DAEDAE Public Relations Representative in the US
Rich Tauberman or Sue Boyle
MWW Group
rtauberman@mww.com
sboyle@mww.com
DAEDAE Corporate Communications
Dana Salloum
dana.salloum@dubaiaerospace.com
Ph: +971 506519672
© Press Release 2008
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