Encore FBO and private-equity firm GTCR Golder Rauner announced late yesterday that they entered a joint definitive agreement to acquire Landmark Aviation’s FBOs from DAE (Dubai Aerospace Enterprise) Aviation Holdings. The transaction is for $436 million, “subject to adjustment as provided in the purchase agreement,” according to a disclosure filed publicly by DAE yesterday. According to Encore and GTCR, the acquisition includes all of Landmark’s 34 FBOs and its related charter, aircraft sales and maintenance parts assets, but not the MRO division or Dallas Love Field-based completion firm Associated Air Center.
The deal is expected to close in the first quarter of next year and will greatly bolster Encore’s chain of eight FBOs and two charter bases. No “massive changes” are planned for employees or management, though the combined company will be led by new CEO Dan Bucaro, the current president and CEO of Encore FBO.
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