Blackstone acquires majority stake in two Maldives-based seaplane operators

Private equity major Blackstone Group has acquired a controlling stake in Maldives-based seaplane operators Maldivian Air Taxi (MAT) and Trans Maldivian Airways (TMA) for an undisclosed amount.
Seaplanes are an essential part of luxury tourism in Maldives as a link between the airport and tiny stretches of land in the island nation with a one-island-one-resort concept.
As a part of the deal, Lars Erik Nielsen (founder of MAT) and Lars Petré and Hussain Afeef, the majority shareholders in TMA, will continue to serve on board as directors of the respective firms and also will retain a substantial shareholding.
Deutsche Bank and HSBC were the advisors to Blackstone and Churchill Capital and Northern Lights served as advisors to seaplane operators on the transaction.
Set up in 1992 to provide sea plane transfer services in Maldives, MAT operates over 20 De Havilland Twin Otter aircraft and offers a wide range of services from excursions to photo flights and charters.
TMA was started in 1988 as a helicopter operator under the name Hummingbird in Maldives. After investment by Lars Petré, Hussain Afeef and Mohammed Moosa in 1998, it got its name changed to TMA. Currently it operates over 20 Twin Otters and its own Sea Plane Terminal with 13 exclusive lounges for select resorts.