Encore FBO and private-equity firm GTCR Golder Rauner on November 22 entered a joint definitive agreement to acquire Landmark Aviation’s FBOs from Dubai Aerospace Enterprise Aviation Holdings. The $436 million transaction is “subject to adjustment as provided in the purchase agreement,” according to a disclosure filed publicly by Dubai Aerospace Enterprise Aviation Holdings on December 13. 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 maintenance, repair and overhaul (MRO) division or Dallas Love Field-based completion firm Associated Air Center. The FBO, charter and sales division assets were offered for sale last August as DAE’s Airport Services Group.
The deal is expected to close in the first quarter of this 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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