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.
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“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.
The closing of the acquisition is subject to certain governmental approvals, including relevant airport authorities. The value of the transaction has not been disclosed.
Source: Avjet Corporation Press Release