Singapore-based Ojets (Singapore Seletar) has downgraded plans to take full control of Elit'Avia (EAV, Ljubljana) and will now only acquire a 30% stake in the Slovenian business aircraft management, and charter and services operator.
According to Corporate Jet Investor, OJets will now focus on owned aircraft charter while Elit’Avia will centre to managing aircraft for owners.
Nicholas Houseman has also left his position of chief executive at OJets and returned to Elit'Avia. Houseman has co-owned Elit’Avia with partner Michel Coulomb since 2011. Puja Mahajan will also continue as Elit’Avia’s CEO.
For his part, Phil Mulacek, the majority shareholder and chairman of OJets, has taken over the management of OJets.
“The economics of Elit’Avia did not meet our final investment criteria for further investment. However – we are in agreement to assist Elit’Avia in the managed aircraft side to help Elit’Avia and OJets achieve what we feel is a proper investment return,” Mulacek told Corporate Jet Investor. “We will manage our charter investment directly. We built a USD5.6 billion business as sole owners and are confident we can manage the USD300 million aircraft enterprise to the growth we target.”
Ojets is reportedly negotiating to acquire an existing US Air Carrier Certificate (ACC) from an unspecified operator.
