Attestor Acquires 51 Percent Stake in Condor, Ensuring the Popular German Leisure Airline’s Future
Asset Manager Attestor has acquired a 51 percent stake in Condor, Germany’s most popular leisure airline, ensuring the airlines long-term prospects. Attestor has invested €200 million of equity capital and will provide an additional €250 million for fleet modernization.
On Thursday (May 20, 2021), Condor, Germany’s most popular leisure airline, announced that Asset Manager Attestor has acquired a 51 percent stake in the carrier, securing Condor’s future. Attestor has invested €200 million in equity capital and will provide a further €250 million for the modernization of Condor’s long-haul fleet. The investment will ensure the company’s ability to ramp-up operations in the post-pandemic period, enable long-term development of the Condor brand, and secure all 4,050 jobs at the airline and Condor Technik maintenance subsidiary.
In Thursday’s announcement, Condor’s CEO, Ralf Teckentrup, said,
“We are proud that we were able to convince Attestor of Condor as a traditional company with a 65-year history of providing quality holidays and excellent service. Our partnership will enable us, together with our other industry partners, to advance our vision of sustainable air travel, launch innovative products and drive forward digital transformation. Our employees have proven they are prepared to go the extra mile – not only for Condor, but also for our customers and partners. And, going forward, that’s precisely what we will continue to do.”
Also commenting on the new partnership, Attestor’s Founder and Owner, Jan-Christoph Peters, added,
“Condor is a strong brand with a proven business model in an attractive market. As the leader in the German leisure flight market, Condor is especially well-positioned to benefit when the tourism market picks up. After successful restructuring, the company’s cost position is highly competitive. By investing in Condor, we are not only creating the foundation for a successful restart, but are also paving the way forward for the company’s long-term development into Europe’s leading charter airline. To this end, we will invest substantially to modernize the Condor fleet.”
Attestor will initially acquire a 51 percent stake in the company, with the remaining 49 percent held by SG Luftfahrtgesellschaft, which holds its shares on behalf Germany’s Federal Government and the Government of the State of Hesse. Attestor will retain the option to acquire the remaining shares later, subject to the restructuring and repayment of the remaining KfW (German Development Bank) loan.
Founded by Jan-Christoph Peters in 2012, Attestor is an owner-operated asset management company that specializes in turnaround situations over a long-term horizon. The firm currently has approximately €5.5 billion under management, the majority of which comes from university foundations and family offices. Attestor’s portfolio includes a stake in Kommunalkredit Austria, and Austrian Bank and Europcar, a car rental agency. The company’s tourism sector investments include a number of hotels in Italy and the Netherlands.
Founded in 1956, Condor is Germany’s favorite leisure airline, serving around 9.4 million guests annually to 90 destinations in Europe, Africa and America from eight German gateways. During the financial year 2018/2019, Condor Flugdienst recorded a net profit of €57 million on revenue of €1.7 billion. The German leisure carrier has a fleet of 50 aircraft which are meticulously maintained to the highest safety standards by their wholly-owned subsidiary Condo Technik with facilities in Frankfurt and Düsseldorf.