Dubai Aerospace Enterprise, established with the aim of becoming one of the world´s biggest aviation service companies, sold Landmark Aviation´s fixed-base operations unit to private equity firm GTCR for $ 435 million.
The Dubai company said when it bought Tempe, Arizona-based Landmark Aviation and Winnipeg, Manitoba-based Standard Aero Holdings Inc. last August for $ 1.9 billion that it would divest Landmark´s fixed-base unit. DAE sold the unit including the Landmark Aviation name to Chicago-based GTCR, it said in a statement today.
Fixed-base operations provide services such as aircraft refueling, parking, hangar and storage at airports and Landmark offered these facilities at 34 centers, the statement said.
Dubai Aerospace bought Landmark and Standard Aero in a bid to create a plane-repair business with 26 outlets worldwide and has now consolidated that business under the Standard Aero brand, DAE said in the statement today. The new maintenance and overhaul business under Standard Aero has $ 1.4 billion in annual revenue, it said.