Nazca Capital acquires 100% of the capital of Gestair
Nazca Capital, through its Nazca Fund III, has acquired 100% of the capital of Gestair and 50% of its subsidiary Corjet which was in the hands of Iberia, thereby now controlling 100% of Corjet. Additionally, Nazca Capital has undertaken a capital expansion to fully cancel the debt of both companies and launch a new strategic growth plan which will be led by the current management team.
Gestair, founded in 1977, is the leading company in executive aviation in Spain, and is currently a point of reference in the national market with a comprehensive aeronautical service which includes the operation of executive aircraft, management of executive aviation terminals, and base maintenance services. Gestair achieved aggregate invoicing of 62 million euros with a staff of 246 employees in 2013, a year in which the executive aviation sector in Spain grew by 3%, reaching 32,130 flight operations.
The executive aviation department of Gestair encompasses the comprehensive management of the largest fleet of executive aircraft in Spain, the commercialization of flight hours and operational support, among other services endorsed by certifications which its competitors do not hold, issued by both European and North American aviation authorities. In 2013, the company managed a fleet of 15 executive aircraft. Likewise, this business area includes the operation of the largest network of executive terminals in the country (FBO) located at ten of the main airports, including those of Madrid, Barcelona, Palma and Valencia. In these terminals, the clients receive full ground assistance and support for aircraft.
The base maintenance services are provided by the Corjet company, the only hangar maintenance centre in the south of Europe (base maintenance) for Gulfstream and Dassault Falcon aircraft, two of the main executive aircraft manufacturers in the world, for which Corjet is the official maintenance centre. In 2013, Corjet provided clients with over 30,000 hours of base maintenance. Additionally, Corjet is the official distributor of Honeywell and Rockwell Collins components, manufacturers of reference in the sector, with a single laboratory in Spain for the repair of this equipment.
In this new phase, Gestair plans to consolidate its leadership with the expansion of both its fleet of aircraft and executive terminals it manages, and to promote the internationalisation of its services, based on its comprehensive and differential value proposal and its experience of over 35 years in the sector, while renewing its facilities with the transfer and centralization of its offices in Madrid. The growth of the company will also be driven by the growth of the European fleet of executive aircraft, which is forecast to increase from 1,500 aircraft in 2012 to 2,960 in 2022 (average annual growth of 7%).