I-Jet Aviation buys local airline euroAtlantic

in Business · 03-12-2019 15:00:00 · 0 Comments
I-Jet Aviation buys local airline euroAtlantic

Portuguese airline euroAtlantic has been bought by I-Jet Aviation PT, which is controlled by businessman Abed El Jaouni and the Njord Partners, for an undisclosed amount, according to the statement issued.

"The recently formed I-Jet Aviation PT announced the successful acquisition of euroAtlantic airways, on 15 November, for an undisclosed value", the note said, which added that the operation "which was fully financed by I-Jet Aviation PT's capital, is the most recent in a series of recent strategic growth movements made by the company in order to meet the growing demand for ACMI aviation services [aircraft leasing] and 'charter'".

In the statement, the companies involved recall that euroAtlantic has more than 350 employees and also provides scheduled flights in addition to ACMI and charter services.

"The acquisition reflects I-Jet's belief in the strong historical performance of euroAtlantic, as well as its attractive growth prospects, at a time when the provision of turnkey air services has become increasingly important in the air transport sector," according to the note.

Tomaz Metello, founder of euroAtlantic indicated that he will remain, but as a non-executive member of the Board of Directors I-Jet Aviation PT. "I believe that I-Jet, with its extensive investment and aviation experience, is the right owner to lead the company to its next stage and beyond," he said.

Abed El Jaouni, an active entrepreneur in the aviation field and founder of several companies linked to the sector, has a "team of people with experience in the aviation sector, in various technical, financial and management functions, in companies such as Atlas Air, Lufthansa, VistaJet, GE, Bombardier and Mesa Air Lines," according to the statement.

In turn, Njord Partners "is a provider of flexible long-term capital to mid-sized companies in Western Europe", which was founded in 2013. "It manages assets worth more than €500 million and investments in 14 companies in various sectors, including aviation and infrastructure," the note added.

On 25 July the transaction was disclosed by the Competition Authority, which was in the process of analysing the acquisition at the time.

The deal was communicated to the regulator at the beginning of that month and implied that I-Jet Aviation would buy shares representing 95 percent of the share capital of euroAtlantic.


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