Gogo, which is in the process of selling off its Commercial Aviation division to Intelsat, has secured a new – and significant – investor.
Chicago-based GTCR, a private equity firm, is acquiring a 14.8 per cent stake in the company.
“We welcome GTCR’s interest in Gogo and look forward to an ongoing and constructive dialogue as we execute our strategic plan,” said Oakleigh Thorne, Gogo’s President and CEO. “We believe GTCR shares our vision for Gogo and the opportunity to continue to create value for all shareholders.”
“We believe Gogo’s decision to focus on its leading business aviation business will create a stronger company that is well-positioned to grow in an attractive market,” said Mark Anderson, MD/GTCR. “We look forward to supporting Gogo as it completes the sale of the commercial aviation business and seeks to capitalise on the compelling opportunity in business aviation.”
GTCR has a portfolio of investments and funds in financial services and technology, media and telecoms.