Jet Aviation Buys Midcoast Aviation
No one is saying the purchase price -- both sides have agreed to keep those details confidential -- but sometime this spring, Zurich-based Jet Aviation Group will complete its just-announced acquisition of Midcoast Aviation. Midcoast, presently owned by the Sabreliner Corporation, is one of the largest FBO, maintenance and refurbishment organizations in the Midwest. Jet Aviation, which itself was acquired late last year by the Permira Funds, believes the acquisition will complement its growing worldwide operations. “Midcoast Aviation has a similar business philosophy as Jet Aviation. The addition of one of the leading completions and maintenance service companies into Jet Aviation’s U.S. organization will not only increase our U.S. presence but strengthen our position as a full business aviation service provider in North America,” said Theo Staub, president and COO of Jet Aviation North America. To no one's surprise, that thought was echoed by one of Jet Aviation's newest employees: Kurt F. Sutterer, president of Midcoast Aviation added, “We consider Jet Aviation a perfect fit. Like Jet Aviation, we make substantial investments in resources and people to provide exceptional service to the benefit of our customers. We are happy to become part of the Jet Aviation Group.”
Once the sale is complete, Midcoast will retain its name, with the addition of "a Jet Aviation Company," and will continue to operate with Sutterer reporting directly to Staub. After the deal closes, Jet Aviation Group forecasts net annual sales in excess of $800 million. Midcoast employs 850 and has facilities at St. Louis Downtown Airport and Lambert-St. Louis International Airport. It specializes in service and support for high-end bizjets and is an authorized service provider for Dassault's Falcons, Raytheon and Bombardier Aerospace -- it is the only factory-authorized service facility for Global Express aircraft in the U.S. Jet Aviation employs some 3,700 workers in more than 60 facilities and stations around the world. The company provides maintenance, completions and engineering services, fixed-base operations and airline handling, along with aircraft sales, charter, and management services.