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PRINT THIS PAGE Candover sells aviation service group Swissport International to Ferrovial for CHF1bn22/08/2005. Source: AltAssets. 
 Candover has sold its investment in aviation service group Swissport International to infrastructure and services companies Ferrovial for an enterprise value of CHF1bn (€646m).
Swissport is active at more than 170 airports in 40 countries, handling more than 70 million passengers a year and 3.2 million tonnes of cargo for 650 customers. The company generated turnover of CHF1.3bn (€838m) in 2004.
Candover led the €393m buy-out of Swissport from the former SAirGroup in February 2002, backing the management team led by Joseph In Albon, president and CEO, in the wake of the events of September 11 and the administration of Swiss Air.
Charlie Green, director of Candover, said, 'Swissport has been an excellent investment for the Candover 2001 Fund, generating a return of 2.6 times the original cost. Under our ownership, the company has played a leading role in the consolidation of the global aviation services industry and has grown sales by 25 per cent.
'I have every confidence that the business will continue its growth and development under Ferrovial's ownership. We wish the management team and the Swissport staff every success for the future and thank them for their contribution over the last three and a half years,' Green continued.
Candover recently held a first closing of its new fund, the Candover 2005 Fund, with commitments of €2.3bn. The fund has a target of €3bn. Candover has offices in London, Paris and Düsseldorf, and a local advisor in Madrid. A few days ago the firm sold some of its equity stake in the bingo and casino company Gala to Permira.
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