Saab announces the sale of the assets of Aerothrust Corp. to a new
company controlled by Windstar Capital LLC
The sale of the assets occurred as a result of a restructuring following
the acquisition of Celsius by Saab in March of 2000. Saab will retain an
option to acquire 47.5% of the new company and will continue to have
representation on the Board.
Aerothrust Corporation, located in Miami Florida, is a leading
independent provider of maintenance services for the Pratt & Whitney
JT8D jet engine. The company has been in operation for more than 50
years and offers maintenance, repairs, field service, piece part repairs
and engineering support. The customer bases include leading airlines,
lessors, cargo and charter operators around the globe. Last year the
company signed a five-year extension of an agreement with the US Navy to
continue to provide maintenance services for all their JT8D engines.
Aerothrust has annual revenue of about 60 MUSD and employs 210 people.
Windstar Capital, LLC is an investment firm specializing in aerospace, e-
commerce, and value investments. Founded in 1997, Windstar
differentiates itself from traditional leveraged buyout firms in that it
takes an operational, as well as financial, approach to investing, and
takes a hands-on role in its portfolio companies. Previous investments
by Windstar principals have ranged from turnarounds to start-ups, and
include National Airmotive Corporation, First Aviation Services, Inc.,
and pioneering e-commerce companies, iSolve, Inc. and FMC2 Technologies.
Windstar's president is Jack Risko, who has over twenty years experience
in mergers, acquisitions, and operational management. The company has
offices in Los Angeles and New York.
Saab is one of the world's leading high-technology companies, with its
main operations focusing on defence, aviation and space. The group
covers a broad spectrum of competence and capability in systems
For further information, please contact:
Christer Persson, President & CEO, Phone: +1 703 683 0007
Celsius Aviation Services
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