Air Works
India completes EAG stake deal
Dubai, June 27:
The stake buyout
transaction by Air Works India Engineering Pvt Ltd in Empire Aviation Group
(EAG) has been successfully completed, EAG’s financial advisor for the deal,
Alpen Capital (ME) Ltd has said.
Air Works India, which
provides aviation services, was reported to have bought stake in Dubai-based
EAG for Rs 120 crore.
The strategic
investment was done through Air Works’ UK-based subsidiary Air Works UK
Engineering Ltd and was financed by a structured debt from a consortium of
lenders led by KKR Capital Markets India Pvt Ltd, Alpen Capital said in a
statement yesterday.
“Alpen Capital is
delighted to announce the successful closure of this complex M&A
transaction, where Alpen Capital acted as the sole financial advisor
representing the sellers,” the Alpen Capital’s MD, Mr Sanjay Vig said.
“The GCC-India
corridor has a lot of potential and with our presence and expertise in both
these markets, we feel we are well equipped to advise clients on such cross
border deals,” Mr Vig said.
Formed in Dubai in
2007, EAG is a one-stop shop for integrated private aviation services offering
aircraft sales, aircraft management, aircraft charter, and aircraft finance and
insurance, the statement said.
Today, EAG has more
than 100 staff and operates one of West Asia’s largest managed fleets of
non-royal business jets, with 20 aircraft under management, operating out of
Dubai International Airport.
Established in 1951,
Air Works is India’s only European Aviation Safety Agency-certified provider of
maintenance, repair and overhaul services. They maintain 50 aircraft types, for
over 100 customers across 15 maintenance locations in India.
This acquisition will
help Air Works increase its footprint in the West Asia and provide world-class
aircraft management services to its customers in India.
Commenting on this
acquisition, the Air Works MD Mr Vivek Gour said, “In continuation of our
long-term strategy to add significant capabilities to our service portfolio,
Air Works is delighted to announce this strategic investment in Empire Aviation
Group, which has a great business model, a very experienced management team and
a strong reputation within the regional and international industry.”
Commenting on the
partnership, EAG Co-Founder and Executive Director, Paras Dhamecha said, “Since
the company’s formation in 2007, EAG has successfully built a strong regional
aviation business.”
“We have also recently
been looking at the exciting potential of the Indian aviation market and opened
our first branch office there in 2011. So, we warmly welcome this partnership
with Air Works, which will help facilitate our entry into India,” Mr Dhamecha
said.
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