Home HRAirline Industry FARNAIR acquisition completed

FARNAIR acquisition completed

by admin

CMB_Logo_bgToday, ASL Aviation Group (ASL) has completed the acquisition of the Farnair Group of
companies as announced on 23 October 2014.

Farnair Switzerland, based in Basel, was established 30 years ago and currently operates a
fleet of 20 cargo and passenger aircraft. The Farnair Group comprises four airlines:
FARNAIR Switzerland and FARNAIR Hungary – both fully owned – and two joint venture
operations Quikjet in India and K-Mile, in South East Asia.

Following this acquisition ASL will not only have a presence in Europe and Africa but also
enters new and expanding markets in South East Asia and India. The acquisition will
considerably strengthen ASL’s position as the neutral provider of airline services to the major
express integrators on a global scale.

With this take-over ASL will employ over 1.500 people globally and operate a fleet of more
than 100 aircraft. The consolidated annual turnover of ASL is expected to grow to more than
EUR 400 million with an EBITDA of about EUR 80 million.

ASL is a joint venture between CMB (51%) and 3P Air Freighters (49%) (a private equity
fund managed by Petercam).

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