Astraeus’s training division Bond Aviation Solutions has completed a buy-out of its flight-training business from the UK charter carrier in a bid to develop its third-party activities.
Following the deal, which values the training business at more than £6 million ($10.3 million), Bond will trade as a separate entity.
Bond will continue to work closely with Astraeus – providing flightcrew training under a five-year contract and using the carrier’s Boeing 737/757 fleet and infrastructure to carry out third-party training. But it hopes it will be able to more “vigorously pursue” third-party work.
“Bond has entered into an agreement to acquire its own Boeing 737 simulator, for delivery in late 2006, and external investment has been secured to fund this exciting expansion of its business,” says Astraeus managing director Hugh Parry.
“It’s therefore appropriate for Bond to become a separate entity so that this investment can take place on suitable terms,” he adds.
Bond will be owned by funds managed by Aberdeen Asset Managers Private Equity, and Bond and Astraeus’s management team.
Source: Flight International
