Parc Group sells off its aviation unit for €30 millon

THE Parc Group has sold its aviation unit for an estimated €30 million.

Oxford Aviation Academy (OAA), which is majority owned by investment fund Star Capital Partners, finalised the deal to acquire Dublin-based Parc Aviation, the world’s largest supplier of leased flight crew to airlines on Monday.

The deal follows on from the sale last December of Parc’s other, smaller operating division, Parc HR Services and represents an end to trading activities by Parc Group.

The Parc Group was formerly owned by Aer Lingus and was the subject of an management buy-out in 1995 which was backed by Mercury Asset Management, later renamed Hg Capital.

Hg’s residual share-holding was bought out in early 2007, giving management and staff full control of the group.

Shareholders in the group include chairman David Hanly who owns 25%, chief executive Peter Keenan 22%, chief executive Brian Flood 13%, group finance director Richard Belton 11% and Parc Group chief executive Tim Shattock 4%.

About 65 staff own the remaining 25%.

Mr Belton said some members of staff are to remain working in the aviation industry while others will continue working with the group.

He said the board will meet to decide what to do with the money, with a shareholder realisation the likely outcome.

OAA has more than 500 full-time employees in Copenhagen, Hong Kong, London, Manchester, Oslo, Oxford, Phoenix, Riga and Stockholm, and provides aviation training to more than 350 customers worldwide.

Mr Keenan, said: “This transaction, which represents the end of an era for Parc, will ensure that Parc Aviation’s strong position in the global aviation marketplace will be further enhanced through being part of such a major and prestigious aviation training organisation.

“The expanded OAA Group will now be in a position to offer new and existing customers of both organisations a unique and fully integrated pilot supply and training solution.”