Cavotec divests airports business to Fernweh Group
DUBAI, UAE—Global engineering group headquartered in Switzerland, Cavotec, announced it has divested its airports business to US-based investment company Fernweh Group which is focused on the mid-and small-cap industrial sectors.
Cavotec said the newly-acquired airports business will operate under the company brand Dabico, a well-established name in the industry with a long history that stands for quality and innovation. Cavotec acquired Dabico in 2008.
The Fernweh team expressed optimistic about the long-term future of aviation in general, and the opportunities to drive growth in aviation infrastructure in particular.
“We are excited by the opportunity to acquire the Cavotec Airports business and look forward to working with management to continue to strengthen the business. The acquisition is an integral part of Fernweh’s investment thesis and will be a strategic platform on which to build a major airport ground support equipment franchise. We don’t have plans for restructuring. We see this as the beginning of a long and rewarding partnership with you,” said Nick Santhanam, CEO of Fernweh Group whose philosophy is to partner with strong management teams to create value for all stakeholders.
Jürgen Strommer, President of Cavotec’s Airport Division, commented, “Today, our well established Cavotec’s Airport Business is uniquely positioned to expand in a recovering aviation market, which goes to the credit of the hard work of all our colleagues in the Division. Under the new ownership of the Fernweh Group and their focus, I am excited about the future growth potential and to further expand our market position in an attractive market.”