Thursday, March 10, 2016

Burbank’s Avjet Acquired

Jet charter and management firm Avjet Corp. has been acquired by Jet Aviation of America Inc., the companies announced Wednesday.

Financial terms of the deal between Avjet, at Burbank Bob Hope Airport, and Jet Aviation, based at Teterboro Airport in New Jersey, were not disclosed.

David Paddock, a senior vice president with Jet Aviation, said that Avjet’s 37-year history and fleet of 45 aircraft make it a complement to Jet Aviation’s operations.

“This acquisition will also provide excellent benefits for Avjet’s customers by providing access to Jet Aviation’s global network of service facilities,” Paddock said in a prepared statement.

Jet Aviation, a subsidiary of aerospace and defense firm General Dynamics Corp., in West Falls Church, Va., operates facilities in Switzerland, Hong Kong and Dubai.

Avjet Chief Executive Marc Foulkrod has spun off the company’s sales and brokerage division into a separate business that he will own and operate.

In January the Los Angeles Board of Airport Commissioners recommended approval for Jet Aviation to lease a 17-acre site at 16644 Roscoe Blvd. at Van Nuys Airport for fixed-base operation providing fuel, hangar space and aircraft maintenance and repairs.

Original article can be found here:

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