Menzies finalises Groundforce Portugal stake
04 / 06 / 2024
Source: Menzies Aviation
Ground services provider Menzies Aviation has completed its acquisition of a 50.1% stake in Groundforce Portugal.
Groundforce Portugal manages more than 100,000 aircraft turns every year across five of the busiest airports in Portugal, where it provides ground and air cargo services to several global airlines.
Airline TAP Air Portugal retains a 49.9% stake in the business, which will be rebranded as Menzies Aviation.
The deal, first announced in April last year, also sees Menzies secure a 65% market share in Portugal, said the ground handler.
Menzies will welcome more than 4,000 employees working across five airports: Humberto Delgado Airport (LIS) in Lisbon, Francisco Sá Carneiro Airport (OPO) in Porto, Gago Coutinho Airport (FAO) in Faro, Cristiano Ronaldo International Airport (FNC) on Madeira and Porto Santo Airport (PXO) on Porto Santo Island in Madeira.
Together with TAP, Menzies Aviation will invest in technology. The company will also support staff development as the company builds its presence in Southern Europe.
Menzies Aviation executive chairman Hassan El-Houry said: “Today’s announcement is the culmination of a year-long process to transfer ownership and progress the revitalisation of the Portuguese aviation sector.
“We are committed to our strategic investment in the region, paving the way for a future where innovation and excellence take centre stage. This milestone opens a new chapter for Menzies in Portugal and the Southern European region, and we look forward to working together to deliver high-quality services across the country’s aviation network.”
Philipp Joeinig, group chief executive Menzies aviation, added: “We are delighted to embark on an exciting venture in Portugal, working with TAP Portugal and our new employees to deliver unmatched aviation services, upholding our commitment to safety, security, and excellence.
“The integration of Groundforce Portugal employees into Menzies is eagerly anticipated, as their expertise will be invaluable in fostering the growth and expansion of Portugal’s aviation sector.”
