Menzies Aviation has signed a subscription agreement with TAP Air Portugal and Groundforce to acquire a controlling stake of 50.1% in the latter.
The agreement is a decisive step towards the recovery of Groundforce, TAP Air Portugal’s aviation services arm, reinforcing the confidence of all its stakeholders in the future of this company, said Menzies. It is also a significant milestone in strengthening handling capacity, with an impact on the entire national economy, the company added.
Groundforce handles over 100,000 aircraft turns each year, across its operations at five of the busiest airports in Portugal: Humberto Delgado Airport in Lisbon, Porto’s Francisco Sá Carneiro Airport, Gago Coutinho Airport in Faro, Madeira International Airport, and Porto Santo Airport (PXO) on Porto Santo Island in Madeira. The aviation services company provides ground and air cargo services to several global airlines including TAP, its main customer.
The subscription agreement establishes the general terms and conditions of Groundforce’s Recovery Plan. Upon the granting of all necessary authorisations and consents, the Recovery Plan should be submitted by the Insolvency administrators for the review discussion and approval by Groundforce’s creditors assembly.
National Aviation Services, which joined forces with Menzies Aviation last year under the ownership of Agility, was selected as a preferred bidder for Groundforce in August 2022.
Philipp Joeinig, CEO of Menzies Aviation, said: “Groundforce has had a leading position in the aviation services market in Portugal for decades and we are pleased to have signed this agreement which enables us to enter the market at scale. We will work to ensure a seamless transition for all stakeholders, including airline customers and employees. This transition will enable us to deliver the safest, most secure and consistent services to our airline and airport partners at these five airports across Portugal.”
Image: Menzies Aviation
