Shareholders in global aviation services provider, ASL Holdings have reached agreement with a European fund manager to sell the company. STAR Capital has agreed terms with ASL 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 the deal have not been disclosed.
Headquartered in Dublin, ASL Holdings’ commercial interests span six continents and include carriers in France and South Africa. ASL’s airlines operate under their own brands and also on behalf of major international passenger and cargo customers. Within the European market, the firm is perhaps best known for operating Aer Lingus’ Boeing 757 transatlantic services.
Hugh Flynn, chief executive at ASL Holdings, welcomed the announcement as “a positive and progressive investment that will provide the foundation for future growth and expanded service provision.”
Paul Gough, Managing Partner of STAR Capital added: “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.”
In 2017, ASL Holdings carried more than 3.2m passengers and 564,000 tonnes of freight on flights totalling 202,080 hours. The group has 2,500 staff from 47 nationalities and a fleet of 130 aircraft.