The Carlyle Group
News Release
FOR IMMEDIATE RELEASE
September 14, 2012
The Carlyle Group Partners with Management to
Acquire Landmark Aviation from GTCR and Platform Partners
Acquire Landmark Aviation from GTCR and Platform Partners
Fixed Based Operator is Poised for Continued Growth Under New Ownership
Washington, DC, Houston, TX and Chicago, IL –
Global alternative asset manager The Carlyle Group (NASDAQ: CG) today
announced that it has agreed to acquire Landmark Aviation from GTCR and
Platform Partners.
Equity capital for the transaction will come from Carlyle Partners V, a $13.7 billion buyout fund. The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the fourth quarter of 2012. Terms of the transaction were not disclosed.
Landmark
Aviation operates one of the largest fixed based operation (FBO)
networks in the world, with 51 locations throughout the United States,
Canada and France, and also provides a range of aircraft maintenance,
charter and management services. Together with Landmark’s existing
management team, Carlyle plans to support the company’s growth strategy
by investing in the continued expansion and modernization of its
existing FBO network as well as pursuing additional locations through
acquisitions and greenfield developments.
Adam
Palmer, Carlyle Managing Director and Head of the Global Aerospace,
Defense and Government Services team, said, “Landmark Aviation has
established a strong reputation in the business aviation industry for
its emphasis on safety and customer service. We look forward to
partnering with Landmark’s experienced and talented management team to
accelerate the growth of the company’s FBO network.”
Dan
Bucaro, Landmark President and CEO, added, “Over the past several
years, we have worked closely with airport authorities and the
communities we serve as we have built Landmark Aviation into a
world-class FBO platform. We are excited to work with Carlyle, a noted
investor in aviation for more than two decades, in continuing to grow
the Landmark franchise.”
“We
have greatly enjoyed working with Dan and his team over the past five
years,” said GTCR Principal Craig Bondy. “Landmark management and
employees worked tirelessly to build a strategic and valuable network.
We look forward to seeing the next chapter of the Landmark story develop
under Carlyle’s ownership.”
Carlyle’s Global Aerospace, Defense and Government Services group has invested approximately $4.2 billion in more than 40 aerospace and defense companies since 1987, including past
stakes in Avio SpA, Howmet International and Vought Aircraft, and
current stakes in ARINC Incorporated, Sequa Corporation and Wesco
Aircraft Holdings (NYSE: WAIR).
Morgan Stanley, RBC Capital Markets and Barclays have committed to provide debt financing for the transaction.
* * * * *
Advisors
Landmark Aviation / GTCR / Platform Partners
M&A: Morgan Stanley / Barclays
Legal: Kirkland & Ellis LLP
The Carlyle Group
M&A: Evercore Partners
Legal: Latham & Watkins LLP
* * * * *
About Landmark Aviation
Headquartered
in Houston, Texas, Landmark Aviation operates a network of fixed base
operations located throughout the U.S., Canada and Western Europe. The
Company offers a wide range of services, including FBO, MRO, charter and
management. For more information, visit www.landmarkaviation.com.
About The Carlyle Group
The
Carlyle Group (NASDAQ: CG) is a global alternative asset manager with
$156 billion of assets under management across 99 funds and 63 fund of
fund vehicles as of June 30, 2012. Carlyle's purpose is to invest wisely
and create value. Carlyle invests across four segments – Corporate
Private Equity, Real Assets, Global Market Strategies and Fund of Funds
Solutions – in Africa, Asia, Australia, Europe, the Middle East, North
America and South America. Carlyle has expertise in various industries,
including: aerospace, defense & government services, consumer &
retail, energy, financial services, healthcare, industrial, technology
& business services, telecommunications & media and
transportation. The Carlyle Group employs 1,300 people in 32 offices
across six continents.
About GTCR
Founded
in 1980, GTCR is a leading private equity firm focused on investing in
growth companies in the Financial Services & Technology, Healthcare
and Information Services & Technology industries. The Chicago-based
firm pioneered the “Leaders Strategy” – finding and partnering with
management leaders as the critical first step in identifying, acquiring
and building market-leading companies through acquisitions and organic
growth. Since its inception, GTCR has invested more than $9 billion in
over 200 companies. For more information, please visit www.gtcr.com.
About Platform Partners
Platform
Partners, LLC is a private holding company based in Houston that makes
investments in middle-market companies with the intent of growing the
businesses into industry leaders through a combination of organic and
acquisition growth. More information about Platform can be found at www.platformllc.com.
* * * * *
Media Contacts:
Landmark Aviation:
Charlotte Cheatham
W +713-300-0762
The Carlyle Group:
Liz Gill
W +1-202-729-5385
GTCR
Eileen Rochford
W +1-312-953-3305eileenr@theharbingergroup.com
Eileen Rochford
W +1-312-953-3305eileenr@theharbingergroup.com
Platform Partners
Ann Corrigan
W +1-713-335-2320acorrigan@platformllc.com
Ann Corrigan
W +1-713-335-2320acorrigan@platformllc.com
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