Hangar8, already one of Europe's largest operators of privately owned aircraft, has acquired established aircraft management company International JetClub.

The company, which has announced year-end results showing a 32 per cent increase in gross profits to £4.9m, acquired Farnborough-based IJC for a total consideration of £1.1 million in cash and the issue of 500,000 ordinary shares in Hangar8.

The acquisition takes the company's number of aircraft under management from 40 to 50 (four of which are helicopters), 44 per cent of which are heavy, long range jets. The acquisition will also see IJC's staff complement, including experienced flight support teams, flight crews and technicians, incorporated into the Hangar8 team.

Dustin Dryden, Hangar8 ceo, says: "This development is hugely significant for our owners, passengers and shareholders as it further moves the company towards its goal of providing maximum global reach and scale, more long range, heavy aircraft, and enhances the expertise and capabilities of our business.

"As our results have shown, Hangar8 has delivered consistently on its targets of increasing its global bases and destinations, bringing engineering provision in-house and increasing the size of its fleet while delivering a healthy, profitable business. The acquisition of IJC will ensure that we continue to deliver this and more in the coming years."

Chairman, founder and owner of IJC Murray Law will become vice chairman of Hangar8 and will play an ongoing role in the business, with specific responsibilities surrounding management development, systems and integration.

The two businesses will continue to operate as they are both successfully doing for a period of no less than six months during which period there will be an assessment of the two infrastructures to determine best practices for the combined company.

Commenting on the acquisition Law says: "This development brings together two already successful and complementary businesses, each with their own skill sets, different fleet profiles and technical expertise grown over 14 years of experience in hands-on operations. IJC has been operating and managing long range aircraft worldwide for many loyal, long-standing client owners. The bringing together of these two operations gives us a perfect opportunity and combined skilled resource to give both the benefit of leading edge practices in areas such as safety management systems and international network growth. We will be focussed on raising the bar in our industry – not about cutting costs and corners in a tough global economy. All our clients will benefit from the greater strength, scale and depth of the combined businesses."

IJC has provided high-end management and charter services to ultra-high net worth owners of large private jet aircraft since 1998.

Hangar8 has bases in the UK, Malta, Nigeria, DRC, Kazakhstan and South Africa and offers jet operation and management, charter and in-house aircraft engineering services.

It has recently entered into a commercial agreement with Jersey airport to construct a fixed base hangar operation there. The development, which is subject to planning permission, will involve the construction of a new 55,000 sq ft hangar that will enable Hangar8 to provide handling and maintenance operations to private jet customers on the island.

The planning application is likely to be submitted in the first quarter of 2013 and the facility will commence operations in 2014. Further updates on its progress will be made in due course.

"This agreement represents a significant revenue and growth opportunity for Hangar8 and is in line with our strategic objective of growing profitability into economically advantageous geographical areas," says Dryden. "The presence of a state-of-the-art fixed operation in Jersey will not only allow Hangar8 to further expand its offering to its existing global client base, but will also facilitate incremental growth in our aircraft management, charter and maintenance business through relationships with Jersey's significant private aviation market."