Private Jet Operator Gestair’s Owners Said to Consider Sale
(Bloomberg) -- Spain’s Nazca Capital is weighing a sale of its private-jet operator Gestair after merging the business with a competitor last year, people familiar with the matter said.
Gestair, which manages executive aircraft and runs chartered flights, could attract interest from aviation companies and other buyout firms in a sale, the people said, asking not to be identified because the deliberations are private. Discussions are preliminary and no final decisions have been made, the people said.
A representative for Madrid-based Nazca declined to comment.
Last year, Nazca reached an agreement to merge Gestair with Executive Airlines to create a private aviation company that manages 30 planes from manufacturers such as Bombardier Inc. and General Dynamics Corp.’s Gulfstream. The combined companies generate revenue of more than 80 million euros ($90.7 million), Nazca said at the time. Nazca had bought Gestair, which was founded in 1977, the year before.