Asset manager Attestor has acquired 51% of the Condor’s shares and will invest €200 million of equity capital and provide a further €250 million euros to modernize the airline’s long-haul fleet.
This airline commented that the investment will ensure the rapid ramp-up of flight operations after the pandemic and will further enable the long-term development of the leisure airline.
All 4,050 jobs at the airline and the company's own maintenance subsidiary Condor Technik will be retained.
“We are proud that we were able to convince Attestor of Condor as a traditional company with a 65-year history of providing quality holidays and excellent service. Our partnership will enable us, together with our other industry partners, to advance our vision of sustainable air travel, launch innovative products and drive forward digital transformation. Our employees have proven they are prepared to go the extra mile – not only for Condor, but also for our customers and partners. And, going forward, that’s precisely what we will continue to do” says Ralf Teckentrup, CEO of Condor.
Jan-Christoph Peters, founder and owner of Attestor: “Condor is a strong brand with a proven business model in an attractive market. As the leader in the German leisure flight market, Condor is especially well-positioned to benefit when the tourism market picks up. After successful restructuring, the company’s cost position is highly competitive. By investing in Condor, we are not only creating the foundation for a successful restart, but are also paving the way forward for the company’s long-term development into Europe’s leading charter airline. To this end, we will invest substantially to modernize the Condor fleet.”
Attestor is initially acquiring a stake of 51% in Condor, while the remaining 49% will remain with SG Luftfahrtgesellschaft, which holds its shares on behalf of Germany’s federal government and the government of the state of Hesse. The investor has the option of acquiring the remaining shares at a later time.
In order to secure jobs in the long term, the German federal government and the state of Hesse are supporting Condor’s repositioning with a restructuring of the KfW loan. This measure is subject to approval under EU state aid legislation. Condor will repay the remaining KfW loan as agreed in due time.
Attestor is an owner-operated asset management company that specializes in investments in turnaround situations. The fund was founded by German investor Jan-Christoph Peters in 2012 and currently has assets under management of around €5.5 billion.