TAG Aviation EMEA charter and management business sold
The Ojjeh family has sold its stake in TAG Aviation Group’s aircraft management and charter activities in Europe, Middle East and Asia. The buyer is T Aviation.
In a statement, law firm Lenz & Staehelin, which advised TAG on the sale, said: “On July 31st, 2020, TAG Aviation Group, a major aircraft management and charter services provider, successfully completed the sale of its aircraft management and charter activities in Europe, Middle East and Asia, to T Aviation Europe, which is held by a long-time partner of the target business, after all necessary aviation authorisations had been obtained.”
Steven Young, TAG Aviation holding director and President TAG Aviation Asia, is believed to be a significant shareholder in T Aviation but this has not been confirmed. Young is TAG Aviation’s joint venture partner in TAG Aviation Asia.
TAG – Techniques d’Avant – was launched in 1977 by Akram Ojjeh. It invested in a number of industries including motor racing and cars (McLaren), watches (TAG Heuer), commercial real estate, and agricultural land. It was also a business aviation pioneer. The company was sole representative for Bombardier in 21 Middle Eastern and North African countries for almost 40 years until January 2016.
In recent years, Mansour Ojjeh, the, President of TAG Group, the majority shareholder of TAG Aviation, has slowly sold off its business aviation divisions.
In January 2019, it sold its aircraft maintenance business to Dassault and in October 2019 sold TAG Farnborough Airport to Macquarie Infrastructure and Real Assets.
In July, Signature Flight Support acquired TAG Aviation’s Geneva FBO.
TAG Aviation did not comment on the sale before publication.