ASL Aviation Holdings has announced it has been sold to European fund manager STAR Capital Partnership LLP for an undisclosed sum.

The Irish aviation holding firm said in a statement that STAR Capital had reached an agreement with ASL Holdings shareholders, Compagnie Maritime Belge (51%) and 3P Air Freighters (49%), to acquire 100% of its shareholding. Closure of the deal is subject to customary approvals.

Hugh Flynn, ASL's Chief Executive, said the investment would provide the foundation for the group's future growth and expanded service provision.

“Our aim is to be the aviation services provider of choice and we will work with STAR Capital to continue to deliver on that by expanding our product offering, developing our geographical compass and focussing on core values including safety, reliability and quality,” he said.

For his part, Paul Gough, Managing Partner of STAR Capital said the proposed acquisition would fit well with the firm's strategy of investing in strong asset-based businesses while supporting their growth ambitions.

"We will work with management to innovate and develop ASL’s business with current customers, identify and realise new opportunities and make investments that will secure cash flows and generate value," he added.

Headquartered in Dublin, ASL Holdings is a global aviation services provider with operations on 6 continents. In terms of AOCs, it operates ASL Airlines Ireland, ASL Airlines Belgium, ASL Airlines France, ASL Airlines Hungary, and ASL Airlines Switzerland (currently not actively operating aircraft itself anymore) in Europe and has shareholdings in Safair in South Africa and K-Mile Air in Thailand. It also operates X-air Services, a Belgium-certified Part 145 joint venture between ASL Airlines Belgium and Sabena Technics (TAT group).