Equity Funds Buy Landmark Aviation
Following on the heels of the largest-ever Dubai Air Show and with strong growth projected for business aviation in the Middle East, two private U.S. equity funds plan to use $436 million to take over Landmark Aviation from Dubai Aerospace Enterprise to form one of the largest FBO networks, AVweb has learned. The deal is expected to close early next year. GTCR Golder Rauner and Encore FBO (owned by Platform Parties) are the buyers. "The sale of the Landmark business was a condition on grounds of U.S. national security of DAE's previous $1.9bn purchase of the Landmark and Standard Aero businesses from the Carlyle group, as part of its ambitious expansion into aircraft and engine maintenance, repair and overhaul," according to MSNBC. Landmark and Encore are expected to merge under the Landmark Aviation brand, allowing Landmark to make use of Encore's 42 North American and European bases.