Corporación Financiera Azuaga and Hyperion Fund acquire Gestair from GPF

After doubling its EBITDA, Spain’s leading executive aviation company changes shareholders while maintaining the continuity of its operational structure and workforce.

Madrid, 13 May 2025. – Founded in 1977 and based in Madrid, Gestair is Spain’s leading executive aviation management company and southern Europe’s leading aircraft maintenance and repair service operator.

Since its entry in 2019, GPF has supported Gestair’s management team through a period of sustained growth, consolidating its position as a benchmark in the sector in Spain and strengthening its international presence. During this time, the company has
doubled its turnover and EBITDA, while focusing its strategy on both the international expansion of its executive aviation branch (AOC) and the development of its maintenance division (MRO), two high-potential areas that have been key to the company’s transformation and growth.

In the executive aviation segment, Gestair has established itself as Spain’s leading operator and one of Europe’s main players through the strategic acquisition and integration of another European AOC. This move has strengthened the company’s
international presence and provided access to markets undergoing consolidation, positioning Gestair as a key player in Europe.

At the same time, the maintenance division has grown significantly, not only in the field of executive aviation but also in the military sector, through doubled capacity, new certifications, and substantial investments in its own infrastructure. From its two fully refurbished hangars at Adolfo Suárez Madrid-Barajas Airport, with a combined surface area of over 23,000 m², Gestair provides a comprehensive range of maintenance services for both its own fleet and global customers. These advanced technical capabilities have established Gestair as the MRO centre with the highest number of line and base maintenance certifications in southern Europe, and the only one in the region offering base maintenance services for aircraft from all major manufacturers, including Dassault, Gulfstream, Hawker, Cessna, Bombardier, Airbus and Boeing.

The company’s infrastructure is certified by international civil aviation authorities (EASA, FAA, GACA, among others) and also holds multiple military approvals (PECAL), positioning itself as a trusted partner for military fleets on critical defence and national security missions, where reliability and precision are essential.

Its capabilities include:
• Conducting inspections, maintenance, and repairs on military and government aircraft, both domestically and internationally.
• Providing comprehensive management of line and base services in compliance with civil and military regulations.
• Offering logistical support, component procurement and document management tailored to defence requirements.
• Operating effectively under restricted security environments and military protocols.

As a result of the above, the company has been awarded contracts by the Ministry of Defence, including:
• A framework agreement for the maintenance of Air Force and Space Force aircraft.
• A framework agreement for the modernisation of the CL-215T Series 5 amphibious aircraft fleet of the Ministry for Ecological Transition and Demographic Challenge, aimed at ensuring compliance with European regulations and enhancing efficiency in combating forest fires.

With the arrival of Hyperion and Corporación Financiera Azuaga, Gestair is entering a new phase of growth focused on consolidating its leadership in Europe and strengthening its operational capabilities. Both groups bring a long-term growth perspective that will further reinforce Gestair’s global positioning in the coming years.

According to Fernando Morales, President of Corporación Financiera Azuaga, “The acquisition of Gestair represents a strategic commitment to a sector with significant growth potential. In the context of rising defence spending and increasing demand for
comprehensive aircraft maintenance and repair solutions, we believe that Gestair is a highly specialised national operator with proven expertise in both the civil and military sectors, uniquely positioned to lead this new phase of growth across Europe”.

On the buyer side, the transaction was supported by Álvarez & Marsal (due diligence), with Garrigues and Ontier acting as legal advisors, and Singular Bank as financial advisor. GPF was advised by Socios Financieros as financial advisor and Uría Menéndez as legal advisor.

About Corporación Financiera Azuaga
Corporación Financiera Azuaga is a Spanish financial group composed of independently managed companies specialising in financial and investment services. The corporation brings together high-value revenue-generating companies through its
investments in sectors such as venture capital, renewable energy, aviation, insurance and agriculture, among others. www.cfazuaga.com

About Hyperion Fund
Hyperion is Europe’s first fund specialising in defence and aerospace, launched in 2024 with a target of €150 million to invest in companies based in NATO member countries. The founding partners are Pablo Casado, Joaquín Ortiz, Ricardo Gómez-Acebo, and José Antonio Bartrina, and the fund is managed by Singular Asset Management.

About GPF Partners
GPF Partners (www.gpf-partners.com) is a private equity investment firm founded in 2015 by Martín Rodríguez-Fraile, Ignacio Olascoaga, Lorenzo Martínez de Albornoz, and Guillermo Castellanos. GPF Partners currently manages over €1.5 billion in capital across the GPF Private Equity and Inbest-GPF Real Estate funds. All funds are backed by private investors from Spain, the United States, Europe and 15 Latin American countries.