Avjet Corporation sells to Jet Aviation
Los Angeles based Avjet Corporation announced that it is selling its aircraft management and charter services to Jet Aviation, a wholly owned subsidiary of General Dynamics, which was founded in Switzerland in 1967 and is one of the leading business aviation services companies in the world.
"I am very excited by the closing of this transaction as I believe that I have left the Company, its employees, and its clients in excellent hands," said Marc Foulkrod, the CEO of Avjet Corporation.
"Avjet's 37-years of experience in aircraft management and charter services and an impressive fleet of 45 aircraft makes it the perfect complement to Jet Aviation's operations," said Senior Vice President and General Manager of Jet Aviation's U.S. Aircraft Services David Paddock. "This acquisition will also provide excellent benefits for Avjet's management and charter customers by providing access to Jet Aviation's global network of service facilities."
More importantly, Avjet's current Chairman and CEO Marc Foulkrod will continue to own and operate the Avjet sales and brokerage division in partnership with Mr. Andrew Bradley, under the name "Avjet Global." "This acquisition meets our plan to continue to expand our global sales, acquisition, and brokerage services while allowing Jet Aviation to continue Avjet's tradition of excellence in aircraft management and charter services," said Foulkrod.
With Mr. Foulkrod and Mr.Bradley at the helm, Avjet Global Sales will continue its decades of experience and leadership in worldwide corporate jet transactions. Mr. Foulkrod recruited Mr. Bradley in 1997 to spearhead the firm's move into aircraft sales and acquisitions with specific emphasis on Gulfstream and Boeing product lines. During Mr. Bradley's tenure as the President of the sales division, the Company closed more than 450 transactions, valued at $8+ billion, and became synonymous with large cabin, ultra long-range aircraft. Over these years, Avjet gained a reputation for its uncompromising negotiating skills, setting pricing benchmarks, and redefining the broker client relationship through value-added transactions.
Avjet Global's ability to obtain optimum pricing for its clients' aircraft - whether on the acquisition or the sale side - even in difficult financial environments - has distinguished it and will continue to distinguish it as the professional representative of choice among Fortune 100 companies, international corporations, heads of state, families and VIPs from the sports and entertainment industries. Avjet Global will continue to collaborate with Jet Aviation to expand its geographic presence.
The closing of the acquisition is subject to certain governmental approvals, including relevant airport authorities. The value of the transaction has not been disclosed.