Permira Funds Complete Acquisition of Jet Aviation
FRANKFURT, Germany, AND ZURICH, Switzerland, Oct. 5 /PRNewswire/ -- The Permira Funds today announced the completion of the acquisition of Swiss-based Jet Aviation Group, one of the leading business aviation service companies in the world. The acquisition was announced in mid-August 2005: The Permira Funds today announced the acquisition of all shares of the Jet Aviation Group following antitrust clearance. Both parties have agreed that further details about the transaction, including the transaction size, will not be disclosed. "Jet Aviation is an excellent example of Swiss Entrepreneurship and proves that family enterprises can also succeed in a competitive global market," says Heinz Kohli, CEO of the Jet Aviation Group. "At the same time, the acquisition by the Permira Funds will put the company on track toward a faster global expansion, which is very important in an industry that is growth driven." "Private and business aviation is a growing market worldwide," adds Thomas Krenz, Managing Partner of Permira in Frankfurt. "In this industry, Jet Aviation stands out with a unique and distinctive profile which makes it an attractive investment for the Permira Funds. Together with Jet Aviation's management team and employees, Permira will advance the company's expansion to further strengthen its position in this competitive global market." Jet Aviation, with its worldwide headquarters in Zurich, was founded in Switzerland in 1967 and is the leading business aviation service company today. More than 3,500 personnel are employed in over 60 facilities and stations around the world. The company provides maintenance, completions and engineering services, fixed base operations, airline handling, along with aircraft sales, charter, and management on a global basis. In addition, Jet Aviation operates an aircraft management and charter fleet of more than 160 aircraft in Europe (Zurich), Asia (Hong Kong), in the Middle East (Dubai) and in the U.S. (Teterboro, New Jersey). For additional information on Jet Aviation, please visit the web site at http://www.jetaviation.com. Permira is a leading international private equity specialist. As an independent business, Permira is owned and controlled by its partners. In October 2003, the final closing of the third pan-European fund advised by Permira, Permira Europe III, was announced. Including commitments from Permira, Permira Europe III exceeds Euro 5 billion. The firm's team of about 90, based in Frankfurt, London, Madrid, Milan, New York, Paris, Stockholm and Tokyo, advises the Permira Funds with a total committed capital of Euro 11 billion. Since 1985, the Permira Funds have completed over 270 private equity transactions. During the last year, the Permira Funds have committed to 10 transactions with a combined transaction value of Euro 19 billion. (http://www.permira.com) For further information please contact: Jet Aviation Management AG Heinz R. Aebi Sr. VP Marketing & Communications Zurich, Switzerland Tel.: +41 (0) 58 158 8890 Permira Beteiligungsberatung GmbH ergo Kommunikation GmbH & Co KG Hans Ulrich Helzer Cologne, Germany Tel.: +49 (0) 221 9128870
SOURCE Jet Aviation Group
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