Clearwater advises on sale of Gold Air

Dato

Air Partner, the world’s leading air charter broker, has acquired private jet operator Gold Air International for £4.4 million.

Clearwater Corporate Finance advised the vendor, Gold Group International. Gold Group is owned by David and Ralph Gold, the multimillionaire brothers, whose other business interests include Ann Summers and Birmingham City Football Club. The deal furthers Air Partner’s strategy to invest in the high growth private jet sector and provides Gold Air with access to a global client base.

The market for private jets is growing rapidly as both businesses and wealthy individuals seek to avoid delays at airports caused by new security measures. The deal enables Air Partner to offer its clients a full range of world class, branded private jet services, from charter flights, JetCard sales and block hours contracts to aircraft management and private jet sales.

Gold Air manages and operates jets on behalf of owners from its base at Biggin Hill, London’s last remaining non-slot regulated airport. The fleet, which consists of six Lear 45s and one Hawker 800, is the newest in the UK. The company had annual sales of £10.8 million in the year to 30 June 2006.

The deal allows Air Partner to make Gold Air’s fleet available to its clients and comes as Air Partner announces record preliminary results with turnover of £140.4 million and profit before tax of £5.13 million. The company, whose clients include governments and large corporates, was established 45 years ago and today has 20 offices in 12 countries.

Partner Marc Gillespie and deal leader Ben Wilson from the London office of Clearwater advised Gold Group on the sale. Marc Gillespie said: “There is an excellent strategic fit between the two companies and strong potential benefits. The deal will allow Gold Air to increase revenues for its private jet owners and provide Air Partner with additional expansion opportunities in the fast-growing private aircraft market.”