Zurich-based ExecuJet has taken a 20% shareholding in
Lufthansa Bombardier Aviation Services (LBAS) to provide a significant increase
in the range of services that LBAS can offer its customers. The deal extends
the company's capabilities beyond its existing expertise in maintenance and
technical work and into the realm of aircraft sales, management and FBO
provision. LBAS can now offer a total services package to its customers and
hopes to attract many more as a result.
Bombardier's vp of business jets James Holbyn told Show
News: "The whole purpose of this new venture is to attract new customers and
win new sales by offering a range of services that we didn't provide before."
ExecuJet is buying its 20% shareholding in LBAS entirely
from Bombardier; Lufthansa Technik will retain all of its existing 49% stake in
the company. LBAS managing director Andreas Kaden described the new venture as
"a quantum leap for LBAS built on a long-standing relationship with ExecuJet.
It completes the service we offer to our European customers."
ExecuJet was established in South Africa in 1991 but is now
headquartered in Switzerland. It manages a fleet of 800 aircraft, making it the
world's third largest corporate aviation operator. Asked why his company needed
to take a stake in LBAS, ExecuJet CEO Niall Olver replied, "We've found it
makes sense to have your money in the game and get a say in events." ExecuJet
gains a seat on the LBAS board through its new shareholding, the value of which
has not been disclosed.
