50 SKY SHADES - World aviation news

Carlyle looks to sell Landmark Aviation for $1.7 billion

Download: Printable PDF Date: 29 Aug 2015 15:55 (UTC) categories:
Publisher:
Carlyle looks to sell Landmark Aviation for $1.7 billion - Finance publisher
Tatjana Obrazcova
Source: Reuters

Private equity firm Carlyle Group LP (CG.O) has been exploring a sale of aircraft leasing and maintenance company Landmark Aviation for as much as $1.7 billion, including debt, people familiar with the matter said on Friday.

The business jet market is slowly recovering from a downturn sparked by the global financial crisis, helping valuations for companies offering services to that industry.

Carlyle initially looked at cashing out of Landmark via a stock market listing, but in the past few months has broadened out that process to include a possible outright sale.

Two of the sources said that Landmark Aviation's earnings before interest, taxes, depreciation and amortization (EBITDA) were around $170 million over a trailing 12-month period.

The sources asked not to be identified because the deliberations are not public.

Carlyle declined to comment. Representatives for Landmark Aviation did not immediately respond to a request for comment.

Houston, Texas-based Landmark Aviation provides engine maintenance, repair and overhaul, and nose-to-tail services that include airframe, interior refurbishments, paint and charter management for private aircraft.

A peer of Landmark Aviation, Scottsdale, Arizona-based aircraft maintenance services company StandardAero, was sold by Dubai Aerospace Enterprise Ltd to buyout firm Veritas Capital Fund Management LLC in July for $2.1 billion.

In 2007, Carlyle had sold Landmark Aviation to state-owned Dubai Aerospace, which simultaneously purchased StandardAero in a joint transaction valued at $1.8 billion.

Dubai Aerospace sold Landmark Aviation to private equity firms GTCR LLC and Platform Partners a year later. Carlyle then purchased Landmark Aviation in 2012.

Separately, Carlyle announced the acquisition of cyber security firm Novetta Solutions on Thursday. Carlyle purchased McLean, Virginia-based Novetta from Arlington Capital Partners for $555 million, according to a source familiar with the deal.

Carlyle and Novetta declined to comment, Arlington Capital did not immediately respond to a request for comment.



Loading comments for Carlyle looks to sell Landmark Aviation for $1.7 billion...


Recommended

First year to curb private jet travel impact on climate change - 4AIR

4AIR announced that since launching in January 2021, it has helped private jet owners, operators and passengers voluntarily offset or reduce more than 1 million metric tons of CO2 through the use...

Right Rudder Aviation announced as new Pipistrel Aircraft U.S. distributor

Pipistrel is focused on continuous improvement. Constantly innovating throughout all aspects of our operations and shaping the future of aviation by developing and delivering cutting ed...

The U.S. Department of Transportation approved Norse Atlantic Airways application for transatlantic flights

The United States Department of Transportation (USDOT) approved Norse Atlantic Airways’ application for the operation of flights between Norway/The European Union and the United States. &nb...

Saudia encourages race fans worldwide to take their seat for the start of the ABB FIA Formula E World Championship

The world’s first all-electric motorsport series, the ABB FIA Formula E World Championship, is set to return to the Kingdom of Saudi Arabia later this month for the start of its eighth season an...