Private equity firm Hyperion Fund is in negotiations to acquire a controlling stake in Gestair Private Jets, according to Expansión. The operator is currently owned by Spanish investment firm GPF Capital.
Hyperion Fund targets the aerospace, defence, cybersecurity, and artificial intelligence sectors. The fund recently raised EUR150 million euros (USD156 million), and the acquisition of Gestair, if the deal comes through, would represent its first investment. The company is led by the former leader of the Spanish main centre-right party, the People's Party (PP), Pablo Casado and Ricardo Gómez-Acebo Botín, nephew of Santander Bank's current president, Ana Botín.
Gestair is Spain's largest business aviation specialist. In addition to the private jet charter and aircraft management business, which comprises 24 aircraft in Spain and seven under the AOC of Gestair Aviation Malta, the company also runs a maintenance, repair, and overhaul (MRO) unit at Madrid Barajas. Gestair is a contractor for Spain's Ministry of Defence for the maintenance of the A310-300s, Falcon 900(M)s, and Citation Vs operated by the Spanish Air Force/Ejército del Aire.
In 2023, Gestair reported a turnover of EUR182 million (USD189 million), with an earnings before interest, taxes, depreciation and amortisation (EBITDA) of nearly EUR11 million (USD11.5 million). GPF Capital, the current majority shareholder, acquired the company from Nazca Capital in 2019.
ch-aviation contacted Gestair, Hyperion Fund, and GPF Capital, but none were available for comment.
