PAI Partners' Swissport acquires SAS division

The deal, which marks Swissport's entry into the Scandinavian market, includes SAS's three ground-handling companies. It will be effective as of 1 November.

Founded in 1996, Swissport provides ground services and handles cargo on behalf of client-companies in the aviation sector. The Zurich-based company operates in 37 countries and generates annual consolidated operating revenues of CHF 1.9bn.

PAI acquired a majority stake in Swissport, then a subsidiary of Spanish infrastructure group Ferrovial, in November 2010 for €654m. The enterprise value was around €880m, according to unquote" data. PAI sought €500m in loans and bonds to support the transaction, which was completed via its PAI Europe V fund.

Swissport and SAS signed a letter of intent in March 2013, relating to the complete outsourcing of SAS's ground and cargo handling services in Scandinavia. This step will take place after Swissport's acquisition and integration of Servisair, which is subject to merger clearance.

The sale is a part of SAS strategy to increase its operational flexibility and effectiveness, according to the airline.

Company
Founded in 1946 and based in Stockholm, SAS is Scandinavia's largest airline with a presence in Sweden, Norway and Denmark. The airline operates 182 aircraft to 90 destinations. The company had a turnover of SEK 36bn in 2012.

People
Per H Utnegaard is the group president and CEO of Swissport. Rickard Gustafson is the group president and CEO of SAS.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Nordics
• Portfolio management
• Consumer
• Now researching
• Sweden
• PAI Partners