Dublin-Based ASL Aviation to be Sold in 150 Million Euro Deal

European fund manager Star Capital has agreed to buy Dublin-based ASL Aviation in a deal reported to be worth at least 150m Euro

A global aviation services company, ASL operates a fleet of 130 aircraft for both cargo and passenger operations. Its customers include Aer Lingus.

Compagnie Maritime Belge, a major shipping company based in Antwerp owns 51% of the airline. 3P Air Freighters, which is majority owned by Bank Degroof Petercam, a Belgian financial institution, owns the remainder.

Terms of the deal to buy ASL were not disclosed, however ASL’s property, plant and equipment had a net book value of €263.2m at the end of 2017, including €253.5m worth of aircraft.

In 2017 ASL generated revenues of €957.7m, which was nearly a 30% increase on 2016.

It generated a €24.2m operating profit, which was up 55.1% as it benefited from increased profits on disposals. It made a pre-tax profit of €21.3m.

The company’s revenue boomed in 2016 from €377m in 2015 as it completed the acquisition of TNT Express, including TNT Airways in Belgium and Pan Air Lineas Aereas in Spain. ASL paid €53.3m for the businesses.

It employs about 1,500 people.

ASL chief Executive Hugh Flynn said the decision by Star Capital to buy the company marked a “positive and progressive investment” that will see the group grow further in the future.