Press Release

Issued by .

September 2, 2009

Ocean Sky has taken a majority stake in Triple Alpha, one of the most successful German private jet management and charter companies.

The deal is the first acquisition by UK-based Ocean Sky since the company announced it was spending £32 million on expansion this year.

It places Ocean Sky in the top tier of private jet companies in Europe by number of aircraft and turnover.

Triple Alpha, which was founded 14 years ago and is based in Dusseldorf, operates principally in central Europe.

The acquisition effectively doubles the size of Ocean Sky’s managed aircraft division, giving the company a particularly strong presence in Germany, one of the most important European private jet markets.

It also significantly increases the number of aircraft that Ocean Sky has under management to 32 in total.

Kurosh Tehranchian, Chief Executive Officer of Ocean Sky, said the deal will mean a company fleet unrivalled in its range: from Very Light Jets through to Long Range up to an Airbus A319 Corporate Jet.

He said: "Triple Alpha has, like Ocean Sky, grown rapidly in the last few years. We also share a common ethos focused on quality and safety. In common with Ocean Sky, its founders are still with the company and pushing it forward.

"They bring a remarkable technical expertise to our company, particularly as both founders are pilots conversant in all areas of aviation. Triple Alpha has a phenomenal reputation in mainland Europe as a management company.

"What we bring to the partnership is greater reach, a strong balance sheet and a widely recognised brand.”

The share in the new company has been bought  for an undisclosed sum. Ocean Sky will immediately inject €1.8 million into the business as working capital to further strengthen its finances.

Mr Tehranchian said the deal would be followed by further acquisitions in the months ahead. "It is our belief that the landscape for aircraft operators in Europe is going to change fundamentally, with consolidations and acquisitions creating a superleague of major players coming out of this recession. Ocean Sky will be one of them.”

Erik Scheidt, co-founder of Triple Alpha and joint General Manager said: “We are excited to be able to expand our operation even more rapidly and access areas where we do not already have a footprint.

“Ocean Sky is a world-class brand which sets, as do we, a very high standard of service, one that emphasises both quality and value to owners of aircraft and our charter clients.

“We are very strong in terms of operations, Ocean Sky is very active in its FBOs (fixed base operations) and maintenance. This is what we need and could not have achieved on our own.”

Co-founder Hans Pfeiffer also predicted that the coming months would see “considerable consolidation” in the private jet market. “What we have done is recognise the changes ahead. It’s a win-win for us to be with Ocean Sky.”

Triple Alpha will continue to trade under its current company name as part of the Ocean Sky Group. Both co-founders will be remaining with the company.