Sofindev III takes majority stake in Abelag
Sofindev III, the private equity fund of which the principal shareholders are Sofina, Colruyt and Imocobel, has taken a majority stake in the business aviation group Abelag, alongside its founders/managers and most of the former shareholders.
Abelag Group operates fifteen business aircraft, both jets and turbo-props. During the next months this fleet will be expanded with the introduction of three new aircraft: an intercontinental Falcon 2000 EX and two latest generation Cessna Citation.
The Abelag Group, the result of a merger in 2000 of Abelag Aviation in Brussels and Sky Service in Kortrijk, had in 2006 a consolidated turnover of 48 million Euros. The Group employs 120 people in Brussels, Kortrijk, Antwerp and Lille.
“This transaction reflects the cohesion and confidence of the investors and current management team and will serve to strengthen the Group’s resources and organisation to meet the demands of a fast growing business,” declare Barth Foucart, Denis Solvay and Nicolas Willemot, founding managers of the Abelag Group.
“Our objective is to work in partnership with management teams in order to develop companies demonstrating a strong potential. We are very pleased to provide support to the Abelag founders with their strategy for growth in this very promising market,” say Eric Van Droogenbroeck and Ghislain Thijs, Directors of Sofindev.