STAR Capital Partnership (STAR Capital) is to acquire ASL Aviation Holdings, the Dublin-based aviation services provider, which operates multiple airlines.
ASL’s airlines operate scheduled and charter flights under their own brands and operate passenger and cargo networks on behalf of major international customers including express freight integrators and passenger airlines.
STAR Capital has reached agreement with ASL Holdings shareholders, Compagnie Maritime Belge (51%) and 3P Air Freighters (49%), to acquire 100% of the shareholding in ASL Aviation Holdings, subject to customary approvals. The financial terms of this deal are confidential.
Hugh Flynn, Chief Executive, ASL Holdings, welcomed today’s announcement as “a positive and progressive investment that will provide the foundation for future growth and expanded service provision.”
“Our aim is to be the aviation services provider of choice and we will work with STAR Capital to continue to deliver on that by expanding our product offering, developing our geographical compass and focussing on core values including safety, reliability and quality,” Hugh Flynn continued.
Paul Gough, Managing Partner of STAR Capital said, “We are delighted with this proposed acquisition which we see as a perfect fit for our strategy to invest in strong asset-based businesses and support their growth ambitions. We will work with management to innovate and develop ASL’s business with current customers, identify and realise new opportunities and make investments that will secure cash flows and generate value.”