Axtmann Holding – parent company of German business aircraft services provider FAI Rent-a-Jet and maintenance company FAI Technik – has purchased a majority stake in fellow Nuremberg-based operator Fly Alpha.
The acquisition comes as Axtmann takes full ownership of FAI Rent-a-Jet following the exit of its Greek partner MIG Aviation Holdings.
“Due to the economic crisis in Greece, MIG needed to secure some liquidity,” says Axtmann founder and chairman Siegfried Axtmann. “We bought their stake for just over €25 million. Now we have full control of the company and our plan is to continue to expand through organic growth and acquisitions of strategically important companies, such as Fly Alpha.”
The operator’s Beechcraft Premier IA entry level business jet and King Air 200 and 350 twin-engined turboprops fill a niche in the FAI line-up for short-haul charter and air ambulance services, says Axtmann.
The company has initially acquired a 51% stake in Fly Alpha, but has an option to complete a full purchase at a later date. “We have noticed that there is a lot of opportunity in Europe for the shorter two-hour charter flights which we were not tapping into,” says Axtmann. “Our [21-strong] fleet is more suited to longer-range flights so it made sense to add in smaller aircraft to maximise use of our resources."
The agreement comes at a time of increasing consolidation in the European charter market.
Recent acquisitions include Switzerland’s ExecuJet being purchased by Luxaviation – a prolific buyer in this sector, having snapped up six companies since 2013.
“We are looking at two more companies that would complement our special missions and management businesses,” says Axtmann.
Meanwhile, FAI is scheduled to take delivery of its ninth Bombardier Learjet 60 before the end of the month and three more of the midsize business jets next year. The company – which is already the largest operator of the type in the world – uses the aircraft for air ambulance, charter and special missions work.
Source: Flight International
