Global ground-handler Menzies Aviation has signed a deal with TAP Air Portugal (TP, Lisbon) and its own ground-handling unit Groundforce to buy a controlling stake of 50.1% in the struggling Portuguese aviation services provider, it revealed in a statement.
Serviços Portugueses de Handling, S.A. (SPdH) is also known by its trademark Groundforce Portugal, and it currently provides ground-handling services to TAP at Lisbon, Porto, Faro, Funchal, and Porto Santo. It provides ground and air cargo services to several airlines, but TAP is its main customer.
TAP is also a creditor of Groundforce, and in May 2021 the airline filed to liquidate the unit, saying at the time that the application was made in light of Groundforce’s worsening financial situation.
In its statement, Menzies Aviation said that the subscription agreement to buy it “is a decisive step towards the recovery of Groundforce, reinforcing the confidence of all its stakeholders in the future of this company, and also a significant milestone in strengthening handling capacity, with an impact on the entire national economy.”
Once all necessary authorisations and consents are granted, a recovery plan for the company will be submitted by the insolvency administrators for review and approval by Groundforce’s Creditors Assembly, Menzies said, underlining that “for TAP, this process is crucial for the stability and improvement of the company’s operational performance.”
On completion, Menzies Aviation will have a 65% market share in Portugal, with operations at five airports and more than 3,000 employees.
