Infrastructure fund manager CVC DIF is acquiring HiSERV, a German aviation ground service equipment (GSE) leasing firm from AVECO Holding.
The investment is being made on behalf of CIF III fund.
CVC, which recently took full ownership of DIF, said HiSERV is headquartered in Berlin, Germany, and serves over 60 customers across more than 30 European airports.
It provides GSE leasing, maintenance and repair services through a network of workshops across European airports with a customer base of independent ground handlers, airlines and airport operators.
The company owns and services a fleet of over 5,000 units, including motorised pushback tractors and belt loaders to non-motorised dollies and baggage carts.
In 2017, the current CEO of HiSERV, Roland Ückert, oversaw a spin-out of HiSERV from WISAG Aviation Service, a multinational ground handler and airport service provider.
Willem Jansonius, partner and head of collective investment fund (CIF) investments at CVC DIF, said: “We are impressed by HiSERV’s strong growth and relentless focus on delivering high-quality GSE and services to its customers across Europe. GSE is essential infrastructure for the aviation industry and the further electrification of the fleet will positively contribute to the energy transition of the wider industry.
“HiSERV is a strong platform to expand market share in the growing GSE leasing market both organically and inorganically and we look forward to working closely with Roland Ückert and his team.”
Ückert said: “I am thankful for the support provided by AVECO Holding in building up the company over the years and am very excited about the next chapter of growth with CVC DIF, where we can continue to enable to serve our customers to be competitive in ground handling on a pan-European level. There are significant growth opportunities for HiSERV ahead and we are keen to be supported by CVC DIF in the next phase.”
The transaction is subject to customary regulatory approvals and is expected to close in Q3 2024.
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