PAI partners’ Swissport to buy Servisair

Servisair is currently owned by the Derichebourg Group, an environmental and airport services provider based in Paris.

Swissport was acquired by PAI in November 2010 for an enterprise value of €880m. PAI contributed equity via its PAI Europe V fund, which closed on €2.7bn in November 2009 – the deal was financed via a CHF 750m high-yield bond placement in January 2011.

Swissport, which employs 40,000 staff, recorded revenue of CHF 1.9bn for 2012, according to its website.

Company
Servisair was founded in 1954 and is headquartered in Cheshire. The company employs 15,000 staff and provides its services in 20 countries, including France, Germany, Finland, the Netherlands, Spain, China, the US and the UK.

Servisair provides ground services for airports including cargo handling, operations and dispatch, fuelling, aircraft cleaning and ticketing.

People
Abderaman El-Aoufir is the CEO of Servisair, while Per Utnegaard is the president and CEO of Swissport. Ricardo de Serdio, a senior partner at PAI, led the original acquisition of Swissport for the firm.

Advisers
Acquirer - Sycamore Corporate Finance (Corporate finance); BNP Paribas (Corporate finance).
Vendor - Société Générale (Corporate finance); Lazard (Corporate finance).

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