CityJet / VLM

DEAL TYPE : MERGERS & ACQUISITIONS

INDUSTRY : AIRLINE, AEROSPACE, AVIATION & DEFENCE

BUY-SIDE

Initiated the transaction and acted as financial adviser to Intro Aviation GmbH, a German aviation consultancy and investment company led by Hans Rudolf Wöhrl, in acquiring the Irish CityJet and the Belgian VLM subsidiaries from Air France-KLM Group. As a result of the transaction CityJet and VLM were acquired on a debt-free basis.

CityJet and its subsidiary VLM were the Irish and Belgian airline subsidiaries of Air France-KLM Group. CityJet is based in Dublin, Ireland, and operated 20 Avro RJ85 aircraft, of which 10 were owned and 10 were operating leases. VLM was based in Antwerp, Belgium, and operated 12 Fokker 50 aircraft, all of which were owned by VLM.

Air France deemed the businesses non-core to its network strategy. CityJet had generated significant losses in the years leading up to the transaction.

Barons Capital Partners initiated the transaction and acted as financial adviser to Intro Aviation GmbH, a German aviation consultancy and investment company led by Hans Rudolf Wöhrl, who has successfully turned around several airlines.

BCP’s value-added:

• Transaction concept, structure and initiation
• Negotiation with vendor
• Project management of legal, accounting,
  and other advisers
• Aviation industry expertise
• Assisting our client in establishing feasibility and commercial benefits of the transaction