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Bailiwick Investments Limited has bought Guernsey-based aviation company ASG Group Limited.
The fixed-base operator, which operates over 41,000 sq ft of modern hangar and offers a range of aeronautical services including aircraft maintenance and servicing, avionics support, aircraft handling, hangarage and management, will be added to Bailiwick Investment Limited’s portfolio, which includes Carey House and Nelson House on the Admiral Park site. Earlier this month, Bailiwick announced that it was to take between 20% and 30% of capital in Ravenscroft Investment PCC Limited, which is hoping to purchase Jacksons Group before the end of the year.
"The board of Bailiwick Investments Limited is delighted to be involved with ASG, which is a reputable Channel Islands based business, and we look forward to working alongside the new and present management team in order to assist them with the group’s plans for further development," said Bailiwick Investments Chairman Jurat David Lowe.
Following the acquisition, Mark Parr, Richard Parr and Nigel Le Gallez, the founding shareholders of ASG, will together retain a combined 25% shareholding in each of the operating subsidiaries - Aircraft Servicing (Guernsey) Limited, ASG (Flight Support) Limited, ASG Leasing Limited and Fly ASG Limited). Stephen Page, who has also acquired a 25% shareholding in each of the operating subsidiaries, has been appointed as CEO. Mark Parr will remain as managing director of Aircraft Servicing (Guernsey) Limited.
"I am delighted that we've been able to combine the vast experience of the founders together with some new leadership and the solid backing of Bailiwick in this deal. We have an exciting time ahead of us, building ASG into an even more successful business, delighting our customers in the Channel Islands, UK and Europe," said Mr Page.
Ravenscroft Investment Management Limited acts as investment manager to Bailiwick Investments Limited.
"We would like to echo the comments made by the Chairman and thank all parties involved in the completion of the deal; in particular Babbe Legal who represented us in this transaction. We look forward to working closely with the team at ASG in the future," said Ravenscroft Group CEO, Jon Ravenscroft.
