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
We are well into the third quarter and past the middle of the year and it is time to take stock of regulatory decisions awaiting some biotech stocks in August. Despite the uncertain macroeconomic environment, the markets have run up, with the S&P 500 Index making new highs session after session. Valuation concerns may keep traders at bay. However, the biotech space is a different cup of tea. Alphabet Inc., (GOOG, GOOGL), the parent company of Google, Thursday reported an increase in profit for the second quarter, driven mostly by increase in search and advertising revenues. Earnings and revenues for the quarter trumped Wall Street expectations, sending shares of the company up by 3 percent... Apple Inc. (AAPL) has announced that it recently sold its 1 billionth iPhone, about nine years after the first iPhone was launched. "iPhone has become one of the most important, world-changing and successful products in history. It's become more than a constant companion. iPhone is truly an essential...
comments powered by Disqus
RELATED NEWS
Trade CG now with 
Follow RTT