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Exclusive: GAAM not for sale
17 August 2009
GAAM is not up for sale after LJCB Investment Group becomes majority owner of parent GAHF. The Australian lessor is now looking to talk with private equity groups about growing the business, possibly through the acquisition of a leasing company
Australian lessor Global Aviation Holdings Fund (GAHF), managed by Global Aviation Asset Management (GAAM), is not up for sale – contrary to market rumours – after a deal was agreed which will see its founding shareholder become majority owner and its founding chairman acquire the controlling stake in GAAM.
According to various banking and industry sources close to developments, LJCB Investment Group is set to purchase want-away shareholder Stark Capital Partner’s 25% stake in parent company GAHF.
The sale of the holding, which is understood to be at a fair market price, will see LJCB effectively become GAHF’s controlling shareholder. Further, according to company filings and Australian media reports, GAAM Chairman Greg Woolley resigned from his role as chief executive officer of LJCB four months ago and is now the controlling shareholder of GAAM with a 51% stake. LJCB owns the remaining 49%.The news follows speculation that the leasing company was...
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