Boston-based Bain Capital LP and its Shenzhen-based counterpart, Tempus Group Co., have acquired 100% of Trans Maldivian Airways (TMW, Malé) from Blackstone Group LP.
In a filing to the Shenzhen bourse, Tempus Group said the transaction was undertaken via a joint-venture including itself, Bain Capital's Bain Capital Asia Fund III LP vehicle, TBRJ Fund (a US-dollar fund managed by a joint venture established by Tempus Holdings and RJ Capital, a company listed on the Hong Kong Main Board of Tempus Group), and the airline's management which is represented via its BCPE Flying Paradise TopCo. Ltd. (Cayman) vehicle.
Upon completion of the transaction, Tempus will indirectly hold a 5% stake in the Maldivian seaplane operator, TBRJ 14.9%, and Bain Capital 79.5%. The airline's management will control the remaining 0.6%.
Though the transaction's value was not disclosed, Tempus said it would invest USD10 million for its 5% stake.
“Our partnership with Tempus Group will enable us to capitalize on the growing leisure market in China, one of the world’s largest outbound tourism markets, given the Company’s longstanding operations there,” Drew Chen, a managing director at Bain Capital Private Equity, said in a statement.
Tempus Group, which owns the Shenzhen Tempus Global Travel Holdings Ltd tour operator, plans to leverage its access to TMA to extend its reach into the high-end tourism market.
“Next year, we plan to launch charter flights from Shenzhen to Malé, the capital of Maldives. We will communicate with TMA closely. We are optimistic about the synergy between our charter flights and the seaplanes,” Shujie Wang, the chairman of Tempus Tour, added.
