Nazca's Gestair merges with Executive Airlines

Following the merger, the two companies will continue to operate under separate licences, although they will look to take advantage of shared operational activities.

Details of the equity split remain undisclosed, however, unquote" understands Nazca has not made an exit as part of the transaction.

The Gestair-Executive merger comes a month after Nazca acquired a majority stake in El Granero Integral, a Spanish provider of natural food and dietary supplements.

Previous funding
Nazca wholly acquired Gestair in April 2014, taking a 50% share of its Corjet subsidiary. The GP completed the acquisition via Fund Nazca III, which exceeded its €150m target to close on €190m in 2010.

Company
Founded in 1977 and headquartered in Madrid, Gestair manages private aircraft and private aviation terminals, and provides base maintenance services. Gestair's aviation management spans private aircraft fleets, charter services and operations support.

Executive Airlines is also headquartered in Madrid. The combined company will manage a total of 30 aircraft and have a combined headcount of 300. Its joint turnover amounts to more than €80m.

People
Carlos Carbó and Álvaro Mariátegui are partners and joint CEOs at Nazca, while Miguel Canalejo is partner and non-executive chairman.

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