The Parc Group has sold its last remaining trading business for a price understood to be approximately €30 million.
Parc Aviation Ltd, which is the world's largest supplier of leased flight crews to airlines, has been sold to Oxford Aviation Academy (OAA), Europe's largest independent aviation training organisation.
Parc has more than 450 pilots on assignment with approximately 35 clients in more than 20 countries. Its largest market is in the Far East and Japan. It has an annual turnover of approximately €75 million.
Parc Group is owned by its senior management and current and former staff. It was formerly owned by Aer Lingus and was the subject of a management buyout in 1995 which was backed by Mercury Asset Management, later renamed Hg Capital.
Hg's residual shareholding was bought out in early 2007 giving management and staff full control of the group. Its other major trading division, Parc HR Services, was the subject of a MBO in December 2007. It has offices in Dublin and the UK and is a specialist recruitment business.
The major shareholders in Parc Group are: chairman David Hanly (25 per cent); chief executive Peter Keenan (22 per cent); chief executive of Parc HR, Brian Flood (13 per cent); group finance director Richard Belton (11 per cent) and Tim Shattock, chief executive Parc Aviation (4 per cent).
The remaining 25 per cent belongs to current and former employees.
The Parc Group board is to meet in the near future to decide what to do with its cash but a distribution to shareholders is considered the most likely outcome.
In a press statement the group chief executive Mr Keenan said: "This transaction, which represents the end of an era for Parc, will ensure that Parc Aviation's strong position in the global aviation marketplace will be further enhanced through being part of such a major and prestigious aviation training organisation.
"The expanded OAA group will now be in a position to offer new and existing customers of both organisations a unique and fully integrated pilot supply and training solution."