Breaking News
FONT-SIZE Plus   Neg
Share SHARE

Carlyle Group To Buy Landmark Aviation: Reports

RELATED NEWS
Trade CG now with 

Private equity firm Carlyle Group LP (CG: Quote) 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.

Register
To receive FREE breaking news email alerts for The Carlyle Group L.P. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Stocks moved sharply lower over the course of the trading day on Wednesday, adding to the modest weakness seen in the two previous sessions. With the losses on the day, the major averages fell to their lowest closing levels in over a month. Democrats have climbed into the lead on a generic ballot, according to the results of a new CNN/ORC International poll, although the results may not be as positive for the party as they first appear. With spending on private and public construction both showing notable decreases, the Commerce Department released a report on Wednesday showing an unexpected drop in U.S. construction spending in the month of August.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.