Sign in
Menzies finalizes Groundforce Portugal 50.1% acquisition: Kuwait-based logistics giant Agility’s ground handling subsidiary Menzies Aviation has completed its acquisition of a 50.1% stake in ground handling outfit Groundforce Portugal, according to a statement released on Thursday. The move grants Menzies a 65% market share in Portugal’s aviation services sector, the statement said. No investment ticket was disclosed.
The details: Portugal’s flag carrier TAP will retain a 49.1% stake in Groundforce Portugal and will partner with Menzies Aviation to boost investments in technology to boost the efficiency of operations. Groundforce Portugal will be also be rebranded as Menzies Aviation and over 4k employees working in Humberto Delgado Airport in Lisbon, Francisco Sá Carneiro Airport in Porto, Gago Coutinho Airport in Faro, Cristiano Ronaldo International Airport on Madeira and Porto Santo Airport on Porto Santo Island will join the 50k strong Menzies workforce.
This transaction has been in the works for a while: News broke of the planned acquisition a little over a year ago as part of an agreement which set out the general terms and conditions for a “recovery plan” presented to Groundforce’s creditors to tackle the outfit’s insolvency.
About Groundforce Portugal: The TAP subsidiary provides ground and air cargo services to global carriers, with TAP serving as its principal client. The outfit handles over 100k aircraft turns annually across five of Portugal’s busiest airports and was established following the privatization of TAP Air Portugal’s ground handling services in October 2005.
