Flight Centre takes 51% stake in Brisbane-based AVMIN.
Flight Centre has just announced the acquisition of AVMIN, a Brisbane charter aircraft provider which specialises in VIP travel, sporting and conference group charters, and fly-in-fly-out logistics.
AVMIN founder and md Paul O’Brien, and the business’s general manager Amrit Wijesuriya, will retain the remaining 49% of the company and will continue to oversee day-to-day operations.
Flight Centre md Graham Turner said the acquisition would give the company access to a “new and profitable revenue stream and will significantly enhance the offering we provide to corporate and leisure travellers.
“Effectively we will have a complete and unique end-to-end travel service, offering a solution for any type of travel whether it be a large scale FIFO and logistics operations, an executive or celebrity requiring a private jet, or group travel,” he said.
Turner said the AVMIN deal would also enhance Flight Centre’s ability to create unique travel products for customers, as well as reinforcing the company’s commitment to offering travellers the widest choice of airfares.
He said it opens up future possibilities such as launching new services in areas where charter is a viable alternative to scheduled air travel, or providing charter flights on underserved routes, niche markets or even on key routes during peak periods to help meet demand.
As well as Flight Centre’s core leisure and corporate brands, there’s also the potential for developing services for other niche divisions such as cievents for group charters, and Stage&Screen for VIP jets and freight aircraft.
AVMIN turned over about $13 million during the 2015 financial year. The terms of the acquisition are not material to Flight Centre and have not been disclosed, with the company using its own cash to fund the deal.
More details in Monday’s issue of Travel Daily.