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Marfin Investment Group takes 50 per cent stake in Flight Ambulance International

Marfin Investment Group Holdings has acquired just under half the equity capital of Flight Ambulance International Rent-A-Jet from the company’s main shareholder Axtmann Beteiligungs for E

Marfin Investment Group Holdings has acquired just under half the equity capital of Flight Ambulance International Rent-A-Jet from the company’s main shareholder Axtmann Beteiligungs for EUR15m, with a two-year-year option to increase its stake to 51 per cent for an additional EUR2.5m.

Based in Nuremberg, Germany, Flight Ambulance International is one of the leading fixed-wing medical evacuation companies in Europe and globally, offering private aviation services to corporate, governmental and nongovernmental organisations and individuals, specialising in medical evacuation.

More than 75 per cent of the company’s revenues come from medical evacuation activities, mostly through longstanding relationships and agreements with insurance and assistance companies. The segment is largely immune to fuel price changes as the majority of costs are passed on to clients.

The remaining revenues come from corporate and private aviation activities, notably contracts with a leading non-governmental organisation. Flight Ambulance International maintains a fleet of seven Lear Jets and manages two others, based at Nuremberg’s international airport where it owns operation and maintenance facilities.

‘We are very happy to announce the beginning of our partnership with Marfin Investment Group,’ says Dr Siegfried Axtmann, chairman of the company’s supervisory board. ‘We at Flight Ambulance International are proud of our reputation, credibility and operational expertise. We will continue to work hard and deliver customer service and financial performance and look forward to a prosperous future.’

Marfin Investment Group executive vice-chairman Andreas Vgenopoulos says: ‘We are delighted to announce an exciting investment in a very attractive industry. This transaction undoubtedly meets our investment criteria and has promising synergetic potential with our health care activities. We are very fortunate to have found a partner of Dr Axtmann’s managerial capabilities, operational expertise and deep knowledge of the sector.

‘We remain very cautious and disciplined in our investment approach, in line with our ahead-of-the-curve strategic repositioning more than a year ago. Despite the current market turmoil, we remain strategically focused to exploit investment opportunities that arise in this challenging environment and create shareholder value.’

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