logo
Share SHARE
FONT-SIZE Plus   Neg

Carlyle Group To Buy Landmark Aviation: Reports

Private equity firm Carlyle Group LP (CG) will buy Landmark Aviation from GTCR Golder Rauner and Platform Partners for $625 million, according to reports. Landmark Aviation operates one of the largest fixed based operation networks in the world, with 51 locations throughout the United States, Canada and France.

The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the fourth quarter of 2012. Terms of the transaction were not disclosed.

Equity capital for the transaction will come from Carlyle Partners V, a buyout fund, Carlyle Group said in a statement. Morgan Stanley, RBC Capital Markets and Barclays have agreed to provide debt financing for the deal.

For Carlyle, this will mark the second time it has owned Landmark. The Washington D.C.-based formed the company in 2004 when it combined three businesses: Garrett Aviation Services, Piedmont Hawthorne and Associated Air Center. The firm sold Landmark in 2007 to aircraft leasing and maintenance company Dubai Aerospace Enterprise in a deal valued at $766 million.

GTCR and co-investor Platform Partners LLC acquired the company for $435 million from Dubai Aerospace Enterprise, with GTCR investing out of its ninth fund, a $2.75 billion vehicle raised in 2006.

Carlyle Group shares closed up 1.12% at $27.02 on Friday on the Nasdaq.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Internet access is growing worldwide, but there is still a long way to go before the entire world is completely wired, a study from the Pew Research Center has found. The study also noted that men have greater access to the Internet than women in many nations. Backtracking on its early announcements on digital privacy, WhatsApp is planning to share member information, phone numbers and analytical data with Facebook, to make revenue from the platform. Discount retailers Dollar Tree Inc. and Dollar General Corp. both reported results for the second quarter that missed analysts' expectations. Looking ahead, Dollar Tree also forecast revenue for the third quarter below analysts' estimates and lowered its full-year revenue outlook. Shares of both companies are falling in pre-market activity.
comments powered by Disqus
Follow RTT