Paris-based private equity firm PAI Partners has completed its $909 million acquisition of Swissport, a provider of ground services for the aviation industry. PAI buys Swissport from Spanish company Ferrovial.
The sale announced on 2 November 2010 of
Swissport, the world’s leading provider of ground services to the aviation
sector, by Ferrovial of Spain to French-based private equity firm PAI Partners
was formally concluded yesterday as planned. Swissport International will now
continue to pursue its growth strategy.
PAI Partners and Swissport International Ltd were also able to announce a few
days ago the closing of a secured bond financing through an offering by an
affiliate of PAI partners to a wide international investor base. PAI Partners
will now further pursue Swissport’s successful global business model with the
current Swissport Group Executive Management led by President & CEO Per H.
In doing so, PAI partners will be striving not only to maintain Swissport’s
world-leading position in the aviation ground handling sector, but also to
achieve profitable and sustainable growth.
“I am greatly looking forward to working with our new owners,” confirms
Swissport Group CEO Per H. Utnegaard. “Our entire top-management team is
extremely motivated and looking forward to the challenges ahead. The general
economic situation and the health of the airline sector improved in 2010, and
this should allow Swissport International to outperform the market in 2011.”
“I would also like to take this opportunity,” Utnegaard continues, “to thank
Ferrovial for being a very supportive and first-class owner.”
Swissport International Ltd. provides ground services for around 100 million
passengers and 3.2 million tonnes of cargo a year (the latter using some 90
warehouses with a total floor area of over 360 000 square metres) on behalf of
some 650 client companies. With its workforce of around 33 000 personnel,
Swissport is active at 177 airports in 37 countries on five continents, and
generated consolidated operating revenue of CHF 1.7 billion in 2009.