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Permira buys majority stake in Swiss firm Jet Aviation

Pan-European buy-out firm Permira has bought a majority stake in Swiss aviation services business Jet Aviation. Financial details have not been disclosed.

Jet Aviation was founded in 1967 and now employs more than 3,500 in over 60 facilities and stations around the world. It provides maintenance, completions and engineering services, as well as aircraft sales, charter and management. The firm also has a fleet of more than 160 aircraft around the world.

Professor Wolf-Rudiger Bub, chairman of the Hirschmann-/Jet Aviation Group, said, 'With the acquisition by Permira funds, Jet Aviation will continue to maintain its leading position in the business aviation service industry and be able to strategically expand into new markets to better serve our customers around the world.'

Thomas Krenz, managing director of Permira in Frankfurt, said, 'Jet Aviation is an extremely well positioned company and an attractive investment for the Permira fund. We look forward to working with the management and employees to continue the company's success.'

Permira is currently investing out of its 2003 €5bn fund. It has offices in London, Frankfurt, Milan, Paris, New York and Stockholm.

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