European fund manager Star Capital inked an agreement, adding Dublin-based ASL Holdings to its portfolio. The deal, off which the financial terms remain confidential, was announced today (13 Feb.).
ASL Holdings is well known in the European and international aviation landscape. According to stats, in 2017 almost 3,3 million passengers were carried on board their fleet and a total of 564,222
tons of air freight. The Group manages a fleet of 130 aircraft that conducted flights totalling 202,080 hours. Many services are operated on behalf of integrators, done so predominantly by ASL
Airlines Belgium whose Liege-based fleet, comprising 30 all-cargo aircraft, cover key routes particularly for the U.S. package delivery company FedEx, including intercontinental flights to
and from Far East.
Strong support for further growth assured
Private equity firm STAR Capital claims having a strong track record in value generation and driving growth, typically investing in asset-based companies holding a strong strategic market position with enterprise value between €50 million and €1 billion.
On the occasion of the ASL deal Paul Gough, Managing Partner of STAR Capital said, “This proposed acquisition 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 realize new opportunities and make investments that will secure cash flows and generate value.”
STAR Capital has acquired ASL Holdings (100%) from their shareholders Compagnie Maritime Belge (51%) and 3P Air Freighters (49%).
Service provider of choice
His statement comes as a strong commitment assuring the future of the Irish carrier under the roof of the capital investor.
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.” The manager went on to say: “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.”
In a joint release both companies emphasize that ASL has been profitable every year since its incorporation in 1998.