IMP Group Ltd. has scooped up a Toronto competitor that manages a fleet of 20 aircraft.
The Halifax company wouldn’t say what it paid for Image Air Charter Ltd., a 60-person outfit that specializes in executive travel via its air charter and aircraft management services.
“It’s a great acquisition,” Michael Fedele, vice-president and general manager of IMP’s Execaire division, said Friday.
The deal was in the works for several months and closed Thursday. “It was a good deal for both parties involved.”
Similar to Execaire, he said Image Air manages “all kinds of airplanes — everything from the Pilatus PC-12 (single-engine turboprop) right up to the Challenger 605,” Bombardier’s $27-million, long-range business jet.
“They don’t have aircraft maintenance within their company,” Fedele said.
Execaire has managed, maintained, and operated aircraft for more than 48 years. With the new acquisition it will have over 290 employees and a managed fleet of 53 aircraft.
“The aircraft are owned by third-party individuals for the most part and each aircraft fits the requirements and needs of specific owners and are used by specific owners,” Fedele said. “In addition to that, we’ll charter them out to maximize the use of that asset for the owner and help reduce their operating expenses.”
IMP employs more than 4,600 people in industries including aerospace, health care, information technology, hospitality, and property development.
“We’re always looking at good opportunities,” Fedele said. “Growth through acquisition remains part of our strategy.”
The company inked a deal in November to acquire Cascade Aerospace Inc., a British Columbia outfit with more than 650 employees. The Abbotsford company mines a similar vein as IMP Aerospace & Defence, refurbishing military aircraft from around the world.
Story: http://thechronicleherald.ca
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment