Nazca Capital buys Gestair

The GP has also completed a capital increase to pay off the debt of both companies and boost an expansion plan driven by the existing management.

Nazca completed the acquisition via Fund Nazca III, which exceeded its €150m target to close on €190m in 2010. This is the sixth deal completed by the vehicle and Nazca's third transaction in the last year following the €45m buyout of ceramic tiles maker Fritta in December 2013 and the purchase of plant propagation firm Agromillora in May 2013.

Gestair will use the fresh capital to add new aircraft to its fleet, expand the number of private aviation terminals it manages and boost internationalisation plans.

Company
Founded in 1977, 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. Last year, the firm managed a fleet of 15 private aircraft. Gestair has a presence in airports including Madrid, Barcelona, Palma de Mallorca and Valencia.

Base maintenance services are provided by Corjet, a subsidiary managed by Gestair, which offers hangar maintenance for Gulfstream and Dassault Falcon aircraft. In 2013, the firm provided more than 30,000 hours in base maintenance works for clients.

Gestair achieved a turnover of €62m in 2013 and employs 246 staff.

People
Álvaro Mariátegui is a founding partner at Nazca.

Advisers
Equity – Uría Menéndez (Legal); KPMG (Financial due diligence, legal, labour due diligence); Deloitte (Tax).

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