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STAR acquired SR Technics in a consortium of financial investors including 3i as part of a management buyout of the company from SAirGroup in December 2002. This was the largest management buyout in the transport and logistics sector in 2002.
SR Technics is one of the world's largest airline
service companies, providing comprehensive technical support for
aircraft, engines and components. It is headquartered in Zurich
and employs a workforce in excess of 5,000. Under STAR's ownership
SR Technics acquired FLS Aerospace, substantially diversifying its
product portfolio and enhancing its component services business.
Several new contacts, such as the land mark 10 year $1 Billion Easy
Jet outsourcing contact, successfully reduced the customer concentration
away from SWISS; the successor to the company's previous parent.
STAR took advantage of an opportunity to combine
the company's industry-leading expertise and outstanding reputation
with capital from the investor consortium to create a multi-airline
service company. This enables airlines around the globe to realise
cash from investments in non-core capital assets, generate major
cost savings, and increase the flexibility of their cost structure.
Why did SR Technics fit STAR's investment strategy?
- SR Technics' customer service directly reflects STAR's strategy
of providing outsourced solutions for a company's non-core
and capital-intensive activity.
- It has long-term contracts with a number of national carriers.
- There is a strong management team.
- It offers a number of ways to enhance value and generate upside, including acquiring similar businesses and assets from airlines and competitors.
In November 2006, STAR sold SR Technics to a consortium of three investors from the United Arab Emirates for an enterprise value of CHF 1.6 Billion. The Sale was the second investment from the STAR 1 portfolio.
http://www.srtechnics.com
 
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