Jet Aviation has announced that they have been sold, pending antitrust clearance, to the Permira Funds a leading international private equity specialist. Ending several years of speculation, the Zurich based operator of business jet services has finally accomplished what had long been expected: the sale of the Hirschmann family business to outsiders.
As early as 2000 the sale of Jet Aviation had been expected by employees as well as by industry insiders. Indeed, Jet Aviation management had been marketed openly throughout 2001 by Goldman Sachs, but the sale was cancelled when a suitable buyer was not found and the terrorist attacks put a further drag on an already downturning economy. Still, rumors of the sale of the company persisted and heated up recently with speculation that one of Warren Buffet’s companies, i.e., Gulfstream Aerospace, may have been interested in the company’s maintenance facilities.
Currently, Jet Aviation is a Zurich-based concern employing 3500 people worldwide. US operations remain strong with the bulk of the employees working out of Teterboro [NJ] Airport.
Even with the probable sale of the company to Permira,...
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