Swissair Group and Candover have reached agreement
Swissair Group and Candover have reached agreement over the terms of the acquisition of Swissport. Completion is anticipated by end of january 2002.
We are delighted to inform you that the management of Swissport, with the backing of Candover, has reached agreement with SAirlines AG over the terms of the acquisition/management buy out of Swissport. Completion of the transaction is still subject to a number of conditions, such as the approval of SAirlines administrative receiver and the Swiss courts, and is anticipated at the end of January 2002.
Swissport is the second largest ground handling agent in the world and operates in 26 countries at 130 airports, servicing over 550 airlines worldwide. Swissports core markets are the US and Europe, with a particularly strong presence in Switzerland where it has a significant market share. The company currently has 13,000 full time employees. Swissport has grown organically and by acquisition since its establishment as an independent ground handler in 1996. For the year ended 31 December 2000 Swissport recorded revenues of CHF1.06 billion.
Candover, a leading European buyout specialist, is backing the existing management team of Swissport, led by Joseph In Albon. He has been President and CEO of Swissport since 1997, having originally joined Swissair in 1984, and has been instrumental in building the business over the past few years.
Both Swissport management and Candover believe that the business has excellent prospects for the future, through a combination of strategic acquisitions and organic growth while remaining focused on the excellence of client service that sets Swissport apart from its competitors. By virtue of our global network and the quality of our service, Swissport is looking forward to continuing to assist all airlines in the ground handling industry to achieve greater efficencies. You can count on our reliability and our leading position in global ground handling.
Should you need more information in regard to this transaction then please get in touch with:
Charlie Green Candover 0044 20 7489 98 48 firstname.lastname@example.org
Stephan Beerli Swissport 0041 1 812 49 50 email@example.com