Gama Aviation went public in 2014 when it acquired Hangar8 which was already listed on London’s Alternative Investment Market. In theory, the reverse takeover gave the company access to more capital for acquisitions. At the time, Gama Aviation was managing all of Wheels Up’s King Air flights and the merged company had almost 150 aircraft under management. (It later sold its share of its US aircraft management business to Wheels Up.)

Many listed company CEOs believe that the market does not truly understand or value their business. But Khalek was able to prove this last year when Gama Aviation sold Jet East, its fast-growing US maintenance business. Jet East made up a third of Gama Aviation. At the time Gama Aviation had a market capitalisation of about £60m.

In November Gama Aviation sold West Star for $131m (netting $100m). Steve Maiden, who led the fast growth of Jet East, was this week appointed CEO of West Star.

Some of the cash from this sale has been used to take Gama Aviation private. Perhaps surprisingly a significant number of investors have chosen to keep their shares even though they are no longer easily tradable. One high-profile UK investor bought 2% of Gama Aviation after the de-listing was announced. 

Khalek is excited to be back running a private company. He estimates that between 25% and 40% of his work life has been taken up by the demands of being listed.  Now freed up, he wants to grow Gama Aviation. “I am not sure everyone in the business is as excited that I will have more time,” he jokes.

Gama Aviation is looking to grow its FBO business. It has just completed a parking apron at Sharjah Airport, near Dubai, and is now starting on a new 14,000 sqm hangar and FBO due to open next year. The company is working through planning for its Jersey FBO in the Channel Islands. 

It has also hired Graham Williamson, formerly of ACASS Europe and TAG Aviation, to grow its aircraft management business. Williamson, who has been a competitor of Gama Aviation for many years, likes growing companies. He was at Emirates Airlines when it had three aircraft.

“It is exciting when you are growing and the opportunity for Gama Aviation is huge,” says Williamson.

Gama Aviation is in talks to buy Austrian operator Tyrolean Jet Services (one of its last stock exchange announcements was on this deal). Tyrolean Jet Services was the first Austrian business jet operator.

“We want to create bespoke operations in different locations like Four Seasons does with hotels”

“We want to create bespoke operations in different locations like Four Seasons does with hotels,” says Williamson. “We want to develop local presence in combination with our engine room in Farnborough. We want to provide great service, great product and be more focused on small numbers of highly bespoke clients.”

Khalek says it is not about trying to build one global operator. “One of the reasons that consolidation is tough is that aircraft management is a very personal business. You don’t want to grow into a big monster chain, you want guests to feel that they are staying at a boutique hotel where everyone knows their name.”

It is looking to build a series of small management companies – with no more than 25 aircraft – with local management. Gama Aviation believes that it can get economies of scale in back-office functions like finance, trip planning, maintenance and purchasing. Khalek adds another simile: “It is like a Michelin Star restaurant – you want a unique maitre d’ but the kitchen needs to be producing a consistently strong product.”

Khalek never hid his frustrations with running a public company (including to the Wheels Up team before they floated). He is clearly excited about the freedom the business now has. “We have all been weighed down with regulatory issues, things like Brexit, Covid, supply chain issues and others,” he says. “We need to shake ourselves out of this and go back to why people go into this industry. People do it because they love it and they are passionate about it. We need to remember how enjoyable this industry is.”

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Gama Aviation has issued a stock market announcement revealing it is in talks to buy Austrian operator Tyrolean Jets & Services.

Although Gama Aviation is de-listing from London’s AIM exchange and is no longer publicly trading it needed to comment on speculation under UK law as shares are still outstanding.

The statement says that the sale has not been completed but the two companies are in discussions.

Tyrolean Jets & Services (TJS) launched in 1978 as Austria’s first business jet operator. As well as Austria it also holds air operator certificates (AOCs) in Malta and San Marino.

Marwan Khalek, CEO of Gama Aviation, said at Corporate Jet Investor Middle East that the business is keen to grow its aircraft management business. Gama Aviation has cash for acquisitions following the sale of its US maintenance business Jet East in October 2023 (although some of this has been used to take the company private). Gama Aviation has also hired Graham Williamson, formerly of ACASS Europe and TAG Aviation, to grow its aircraft management business.

Gama Aviation already has bases in the UK, Dubai and Jersey. TJS would give it the opportunity to add Austrian, Italian and Swiss owners.

“Discussions between the Group and TJS are ongoing, and they remain subject to further negotiations, diligence, and Board approval; as such they are not expected to be concluded until after the Company’s delisting from AIM. Accordingly, there can be no certainty any transaction will be completed and, if it does, on what terms such a transaction might take place,” said Gama Aviation in the statement.

TJS was founded as Aircraft Innsbruck as the flight department for Swarovski the jewellery and crystal company. It is one of the best known Austrian operators.

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ALSO READ: TJS showcases ACJ319 at NBAA 2014

Martin Lener, CEO of Tyrolean Jet Services, says: “Highest IS – BAO and ARGUS standards are required to successfully pass the in-depth audit including detailed analysis of the Safety Management System ( SMS ) and operational performance data.“

Lener adds: “IS – BAO stage 2 certification and ARG / US Platinum rating verify our sustaining commitment to safety, quality and continuous improvement for the benefit of our valuable long-time and loyal clients emphasising that TJS belongs to the elite group of Business Jets Operators with highest operational levels as measured by industry best practices.”

Tyrolean Jet Services has been established for 35 years with a fleet of aircraft ranging from the ACJ319, ACJ318ER, Global Express, Gulfstream G550 to several midsize business jets.

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ALSO READ: ACJC showcases TJS ACJ319 at JetExpo 2013

The Austrian-based company is expecting a Gulfstream G650 to join the business jet fleet in 2015. This is the next milestone in the company’s history according to Martin Lener, CEO of TJS.

Lener says: “We are more than happy to first announce at NBAA a brand new and highly demanded Gulfstream G650 to join our unique collection of business jets, ranging from ACJ319, ACJ318ER, Global Express, Gulfstream G550 to several midsize business jets in 2015, beside our private operated aircraft fleet.”

“This is the next milestone in Tyrolean Jet Services’ organic and sustainable growth. As Austria’s longest established business operator with people who have made our business what it is today, TJS offers Executive- and VVIP-Charter Flights, Family Office Style Aircraft Management Services, CAMO- and Aircraft Maintenance Services, Concierge-Services and Airline-Flights available from our inhouse IATA Travel Agency – everything on a 24h/7d basis,” adds Lener.

Tyrolran Jet Services started operations in 1978.

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Airbus Corporate Jets will display an Airbus ACJ319 at JetExpo 2013 in Moscow next week. The aircraft is operated by Tyrolean Jet Services of Austria for a private customer, as well as on VVIP charters. The ACJ319 has been fitted with lounge areas at the front, a bedroom with en suite bathroom in the middle, and additional seating at the back. It is certificated for up to 19 passengers.

John Leahy, Airbus chief operating officer, said: “Airbus Corporate Jets occupy the same ramp space as other large corporate jets, but it’s another world inside, because they have by far the widest and tallest cabins of any business jet.”

Leahy added: “Private jet customers want to give wings to their lifestyle, and Airbus corporate jets deliver that better than anyone else.”

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“As a long-established business jet
company, it was a natural next step for us to add a highly sophisticated Airbus
ACJ318 ER, because of the new standards of comfort and space that it
offers,” says Martin Lener, chief executive officer of Tyrolean Jet Services.

He continued “So we are able to carry larger
executive, family and government groups, allowing them to take advantage of
features that other business jets cannot deliver.”

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The announcement
was made by Tyrolean Jet Service chief executive officer Martin Lener, who said; “As a long-established business
jet company, it was a natural next step for us to operate of an Airbus ACJ318,
because of the new standards of comfort and space that it offers.”

photo image of Martin Lener (left) and Francois Chazelle of Airbus Corporate Jets (right)

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