Second Time Around

The Carlyle Group is returning to the FBO business.  It is repurchasing Landmark Aviation, the FBO chain it sold five years ago as part of a $1.9 billion deal that also included StandardAero.

While Dubai Aerospace bought both entities, it really was the completions, maintenance, repair and overhaul businesses of StandardAero and Landmark that it wanted.  It sold Landmark’s FBOs to GTCR and Platform Partners-funded Encore within seven months. 

Under GTCR and Platform, Landmark has maintained its status among the nation’s large FBO chains – growing from 39 facilities to 51 locations.  But that growth has slowed, and Landmark parents GTCR and Platform believe that new ownership would better continue the chain on the growth pattern.

Carlyle, which has a history of buying, growing and then selling or spinning off aerospace companies, already is discussing plans to work with Landmark management to growth the chain, either internally through expanded facilities and renovations or externally through acquisitions and new developments.

The companies are not detailing the terms of the acquisition, which is expected to close by yearend, but various reports have put the sale price at well over $600 million.

 

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