Air Works India Engineering Pvt Ltd has completed stake acquisition in Dubai-based Empire Aviation Group (EAG), EAG’s financial advisor for the deal Alpen Capital (ME) Ltd has said.
The strategic acquisition will help Air Works increase its footprint in the Middle East and provide aircraft management services to its Indian customers. Air Works did not disclose the stake.
Air Works said the deal was funded through a mix of internal accruals and structured debt finance of Rs120 crore from KKR Capital Markets India Pvt Ltd.
”Alpen Capital is delighted to announce the successful closure of this complex M&A transaction, where Alpen Capital acted as the sole financial advisor representing the sellers,” Alpen Capital’s MD Sanjay Vig said.
”The GCC-India corridor has a lot of potential and with our presence and expertise in both these markets, we feel we are well equipped to advise clients on such cross border deals,” Vig said.
Formed in Dubai in 2007, EAG is a one-stop shop for integrated private aviation services offering aircraft sales, aircraft management, aircraft charter, and aircraft finance and insurance, the statement said.
EAG has more than 100 staff and operates one of West Asia’s largest managed fleets of non-royal business jets, with 20 aircraft under management, operating out of Dubai International Airport.
Established in 1951, Air Works is India’s only European Aviation Safety Agency-certified provider of maintenance, repair and overhaul services. They maintain 50 aircraft types, for over 100 customers across 15 maintenance locations in India.
”In continuation of our long-term strategy to add significant capabilities to our service portfolio, Air Works is delighted to announce this strategic investment in Empire Aviation Group, which has a great business model, a very experienced management team and a strong reputation within the regional and international industry,” Air Works MD Vivek Gour said.
”Since the company’s formation in 2007, EAG has successfully built a strong regional aviation business,” EAG co-founder and executive director Paras Dhamecha said.
EAG has more than 100 staff and operates one of West Asia’s largest managed fleets of non-royal business jets, with 20 aircraft under management, operating out of Dubai International Airport.
Established in 1951, Air Works is India’s only European Aviation Safety Agency-certified provider of maintenance, repair and overhaul services. They maintain 50 aircraft types, for over 100 customers across 15 maintenance locations in India.
”In continuation of our long-term strategy to add significant capabilities to our service portfolio, Air Works is delighted to announce this strategic investment in Empire Aviation Group, which has a great business model, a very experienced management team and a strong reputation within the regional and international industry,” Air Works MD Vivek Gour said.
”Since the company’s formation in 2007, EAG has successfully built a strong regional aviation business,” EAG co-founder and executive director Paras Dhamecha said.
”We have also recently been looking at the exciting potential of the Indian aviation market and opened our first branch office there in 2011. So, we warmly welcome this partnership with Air Works, which will help facilitate our entry into India,” Dhamecha said.
Source: Domain B