Gestair

08.04.2014

Nazca Capital acquires 100% of Gestair’s capital

⎯ Gestair is the pioneering and leading company in Spain in the management of executive aircraft and executive aviation terminals (FBOs), with over 35 years of experience and a presence in ten of the main airports in Spain

⎯ Nazca Capital has become the sole shareholder in Gestair and Corjet

⎯ Corjet, a subsidiary of Gestair, is the only centre in the south of Europe for executive aircraft maintenance, acting as a “service centre” for the main manufacturers of executive aeroplanes

⎯ This is the sixth operation carried out by Nazca Capital with the Fondo Nazca III fund, and the third in the last twelve months

Madrid, 8th of April 2014.- Nazca Capital, – a capital fund management company focused on investing in small and medium sized non-listed businesses – through its Fondo Nazca III fund, has acquired 100% of the Gestair’s capital and 50% of its subsidiary Corjet which was owned by Iberia, now also controlling 100% of Corjet. Additionally, Nazca Capital has increased capital to totally cancel the debt of both companies and launch a new strategic growth plan which will be led by the current management team.

Gestair, founded in 1977, is the pioneer executive aviation company in Spain and, currently, is a benchmark in the national market with an integrated aeronautical service which includes both executive aeroplane operation and management of executive aviation terminals, and base maintenance services. Gestair obtained an aggregate turnover of 62 million euros with a staff of 246 employees in 2013, a year in which the Spanish executive aviation sector grow by 3%, reaching 32,130 flight operations.

Gestair’s area of executive aviation is composed of the integrated management of the largest fleet of executive aeroplanes in Spain, the commercialisation of flight schedules and operational support, and other services endorsed by certifications which are unique among its competitors, issued by both European and North American aviation authorities. In 2013, the company managed a fleet of 15 executive aeroplanes. Likewise, this area of business includes the operation of the largest network of executive terminals (FBOs) in the country, located in ten of its main airports, including the airports of Madrid, Barcelona, Palma and Valencia. In these terminals, clients receive full ground assistance and support is provided to their aeroplanes.

The base maintenance services are provided by Corjet, the only centre in the south of Europe for Gulfstream and Dassault Falcon aeroplanes, two of the main executive aeroplane manufacturers in the world and the who for which Corjet is the official maintenance centre. In 2013, Corjet provided more than 30,000 hours of base maintenance to its clients. Additionally, Corjet is the official distributor of Honeywell and Rockwell Collins components, benchmark manufacturers in the sector, and has a single laboratory in Spain for repair of this equipment.

In this new phase, Gestair intends to consolidate its market leadership with the extension of both its fleet of aeroplanes and executive terminals under management and allow the internationalisation of its services, based on its offer of integrated and differential value in its experience of over 35 years in the sector, at the same time as renovating its facilities with the movement and centralisation of its offices in Madrid. The growth of the company will also be driven by the growth of the European fleet of executive aeroplanes, which is estimated to increase from 1,500 aeroplanes in 2012 to 2,960 in 2022 (average annual growth of 7%).

The legal advisors who have intervened in the operation have been Uría Menéndez for the buying party and PWC for the selling party. Additionally, the financial, legal and labour due diligence has been carried out by KPMG and the tax due diligence has been completed by Deloitte.

About Nazca

Is a capital fund management company specialised in investing in medium sized businesses with ambitious business plans, which has operated in the Spanish market since 2001. Nazca leads its market segment, both in volume of operations carried out and in profitability obtained from its investments. Since 2001, it has carried out 40 transactions: 19 direct investments in companies, 12 additional acquisitions of companies through its shares and 9 divestments.

Nazca has totally invested and divested the Fondo Nazca I fund and partially the Fondo Nazca II fund, with sizes of €100 and €150 million respectively. Nazca is currently managing its third fund, Fondo Nazca III, made up of €200 million committed by international institutional investors, including Alpinvest, the largest capital investor in Europe.

Nazca is currently a shareholder in 10 companies: Hedonai (medical-aesthetic centres), Autor (exterior publicity), Elogos (e-learning), Logifrío (logistics specialised in cold-storage), Eurekakids (educational toys), Grupo IMO (radiotherapy services), Grupo Ovelar (visual communication and merchandising), Agromillora (agro-industry), Fritta (frits and glazes) and Gestair (executive aviation). The companies in which Nazca has divested are: Svenson (hair treatments), Rodilla (fast food), Dibaq (animal nutrition), Unipost (postal operator), Vinartis (wine sector), Lizarrán (catering), El Derecho (legal contents), Guzmán (gourmet food), y Acens (hosting).

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