Permira Funds Complete Acquisition of Jet Aviation

Oct 05, 2005, 01:00 ET from Jet Aviation Group

    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
     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.
     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