Landmark buy just the first step for Dubai firm
Dubai Aerospace Enterprise is here with its most recent acquisition, the Landmark Aviation and Standard Aero maintenance, repair and overhaul (MRO) businesses that it purchased for $1.9 billion last month from private-equity firm Carlyle Group.
Standard Aero and Landmark Aviation, here at Booth No. 5365, form the core of DAE’s MRO ventures, which account for $1.3 billion in annual sales. Of that $1.3 billion, 45 percent is from the general aviation market.
“We’re a start-up operating aerospace company,” said Rob Mionis, CEO of DAE Engineering. “We have a strategic long-term focus on the industry. We’re not a typical financial sponsor that does a buy-and-flip like a Carlyle or Blackstone.”
Following the purchase of Landmark Aviation, DAE is selling the 34-location Landmark FBO business as that market is not part of DAE’s main focus. “We’re looking forward to divesting that and reinvesting in the mother ship,” said Mionis. Whether DAE will sell the FBOs as a package or split them up has not been decided.
DAE’s purchase of Standard Aero and Landmark Aviation, Mionis said, “is our first step into the North American market. DAE is looking to be very acquisitive.”