Track Record

Barclays Capital/SWISS financial restructuring: As industry advisor to banks looking to re-finance SWISS International Airlines, we reviewed the turnaround plan as part of a due diligence exercise to assess the feasibility of the new business model, the key issues and risks involved and their impact on the viability of the company.

Business Jet start-up: Retained to help shape and develop a start-up airline venture providing ACMI business-only services between Europe and North America on behalf of a European national carrier; involved business plan development, investor presentation and discussions, advice on aircraft acquisition, etc.

BC Partners/Amadeus acquisition: Industry advisor to the successful consortium in the acquisition of Amadeus, one of the major Global Distribution System entities, where we provided an independent perspective of the future potential of the company’s changing business model.

Qantas business review: Brought in by the CEO of Qantas to identify revenue enhancement, cost reduction and productivity/efficiency improvement opportunities and initiate their implementation; in the process, highlighted key business issues and strategic options.

Strategic acquisition evaluation: For a European airline looking to make a trade acquisition, we assisted in the evaluation of SAS as a potential target; using public information, we provided insights based on the assessment of the financial consequences of applying the acquirer’s business model to SAS and developed a post-acquisition strategy for consideration.

SAS divisional turnaround advice: Asked by the chairman of a key business unit within SAS to evaluate the turnaound actions being put in place, to provide an assessment of their effectiveness and to suggest improvements.

Finnair strategic options development: Brought in to advise the senior management and board of Finnair on their strategic options and to make an assessment of the airline's competitive position in the context of the wider market.

OAG acquisition: Retained as advisor to an aviation IT service and outsourcing provider interested in OAG’s business offerings, to shape a deal around an acquisition.

Hochtief/Budapest Airport privatisation: Strategic industry advisor to Hochtief Airport on the original bid to purchase Budapest Airport, which involved the facilitation of Malev’s entry into the oneworld alliance.

Hochtief Airport: Retained as the business and industry adviser on the potential acquisition of an airport.

UK Regional Airline acquisition due diligence: On behalf of Nikko Principal Investments Ltd, we conducted a due diligence review of a UK regional airline to assess the future viability of the airline's business model; this involved evaluations of the commercial, operational and technical aspects of the business.

Royal Jordanian revenue management & commercial improvement: Brought in by the President of Royal Jordanian to improve revenue management, which led to a Nyras secondment to establish the new Network Management organisation and place commercial functions on a firmer footing; also played a key role in change across the organisation, including entry into oneworld and privatisation.

Aircraft asset investment/leasing advisory support: Mandated by various clients to source aircraft assets and to provide advisory support on valuation and negotiation.

BA Pension Fund Trustees business advice: An independent review of the airline's 5-year business outlook and identification of the issues impacting future performance on behalf of the Pension Fund Trustees; using public information, we evaluated the operating and strategic environment, provided an interpretation of the company’s strategy, developed an independent financial model of the group; identified areas of risk and evaluated their financial impact on the business.

Executive bonus advice: Advised the Board of a major international airline on the appropriate bonus structure for its senior executives, using industry benchmarking.

Clayton, Dubilier and Rice/SR Technics due diligence: As industry advisor to CDR, we conducted a due diligence review of SR Technics, applying industry insights, knowledge and contacts to provide an independent perspective of the operating and commercial environment and the likelihood of success of its integrated MRO service offerings in the context of client requirements and the competitive environment.

Malev privatisation: As industry advisor to an Irish/Hungarian Consortium bidder, we conducted commercial and operational due diligence on Malev, developed an outline restructuring plan in support of the bid and assisted in the preparation of the bid submission.

GB Airways strategic options development: Retained by GB Airways to develop strategic options for consideration, in the context of the future termination of its franchise licence agreement with BA; developed 3-year business plans to evaluate the impact of the options on the business and the implications for the owners and provided the competitor and market analysis that underpinned the strategic option selection and addressed the valuation issues, leading to the preferred option of a potential joint venture around a new business model for Gatwick.

IBM change advisory: Change advisor to IBM Global Technology Services in an oversight role, providing a ‘sounding board’ to the CEO and SVP Strategy on the structuring and implementation of a global change programme.

GB Airways option implementation: Following development of the strategic options, we were asked to develop the Joint Venture solution along the lines of a new business model and establish a Gatwick-based business proposition for presentation to the potential partner’s senior management; we developed a fully worked solution covering aspects including strategic vision, partner/supplier discussions, network and fleet planning, product design and development, commercial and operational processes and systems, programme management, and assistance in implementation.

Bland/GB Airways disposal: Retained as the business and financial advisor to the Bland Group to explore the alternative strategic options, resulting in the mandate to dispose of the GB business; we identified a number of potentially suitable investors; prepared, organised and managed the vendor due diligence process on behalf of GB; and conducted preliminary negotiations, leading to exclusive, detailed negotiations with easyJet which culminated in the completion of a deal in January 2008 when regulatory clearance was obtained.

GB Airways LHR slots: We also organised, negotiated and arranged for the disposal of GB’s LHR slot portfolio, worked with GB management on transition preparation, negotiated with BA the exit from the franchise agreement and assisted GB management in the preparation of the submissions to the Office of Fair Trading and other European Competition Authorities.

Aegean Airlines due diligence: On behalf of a major Private Equity House interested in acquiring Aegean Airlines, we conducted commercial and operational due diligence of the airline.

Malev strategic options: Brought in by senior management to assist in the development of strategic options and in improving network planning and revenue management; laid out options and highlighted related risks.