Condor Set to Renew Fleet After Attestor Equity Fund Acquires Majority | New
Asset manager Attestor to acquire a 51% stake in German leisure carrier Condor, invest 200 million euros ($ 244 million) in equity and provide an additional 250 million euros to modernize the long-distance fleet. courier courier.
This decision secures a new financial base for the carrier after a period during which it was twice subjected to a formal “ shield of protection ” procedure, following the collapse of its former owner Thomas Cook Group in 2019, then the failure of its planned purchase by LOT Polish Airlines. PGL parent when the coronavirus crisis hit last spring.
A restructured Condor emerged from its second protective shield in early December 2020, after taking a series of steps including moving to a more profitable head office and entering into new labor agreements with unions.
German investor Jan-Christoph Peters, who founded the € 5.5 billion asset fund Attestor in 2012, says: “Condor is a strong brand with a proven business model in an attractive market.
“As the leader in the German leisure flight market, Condor is uniquely positioned to take advantage of the recovery in the tourism market. After a successful restructuring, the cost position of the company is very competitive. “
The attester will initially acquire 51% of Condor with the option to purchase the remainder of the shares at a later date. The remaining 49% is held by SG Luftfahrtgesellshaft, an entity that holds the stake on behalf of the German Federal Government and the State of Hesse. Germany granted a loan of 550 million euros in April 2020 to support the carrier during the crisis.
“By investing in Condor, we are not only creating the foundations for a successful restart, but we are also paving the way for the long-term development of the company to become the leading charter airline in Europe,” says Peters. “To this end, we will invest substantially to modernize the Condor fleet.”
Cirium fleet data shows Condor has a fleet of 15 Boeing 767-300s and 13 Boeing 757s, just over half of which are in active service. It also has 21 narrow bodies of Airbus.
Condor Managing Director Ralf Teckentrup said: “We are proud to have been able to convince Attestor to view Condor as a traditional company with a 65-year history of providing quality vacations and excellent service.”
The airline specifies that the 4,050 jobs of the airline and its in-house maintenance subsidiary Condor Technik will be retained.