KUALA LUMPUR: The Weststar Group has acquired the remaining 21% stake in Weststar Aviation Services Sdn Bhd it does not own from KKR to assume sole ownership of the offshore helicopter transport service company.
Weststar, which has diversified businesses in the aviation, automobile, property and insurance sectors, said Weststar Aviation is well-positioned for continued growth into new markets and verticals, including the public and sustainable energy sectors.
According to the group, Weststar Aviation now has the largest helicopter fleet in Malaysia and southeast Asia with 34 helicopters.
It said Weststar Aviation also entered into new markets such as Africa, Vietnam, and the Middle East, and added new service areas in the public and sustainable energy sectors.
In 2022, the company supported the Royal Malaysian Air Force through, in a first-of-its-kind “Government Operated Contractor Owned and Maintained” model, the deployment of four AW 139 Weststar Aviation helicopters and aviation professionals, delivering 90% serviceability.
The company has maintained a 14-year accident-free track record since 2009.
“This is a milestone moment for all of us at Weststar. We are grateful for KKR’s support over the years, during which Weststar Aviation expanded internationally serving bluechip energy clients and enhanced our capabilities," said Weststar Aviation chairman and founder Tan Sri Syed Azman Ibrahim.
Said KKR co-executive chairman Henry Kravis: “We take pride in our relationship with Weststar Aviation and Tan Sri Syed Azman Ibrahim, and our role in the evolution of the company, which is today very well-positioned for the future. On behalf of KKR, we wish the Weststar team continued success.”
KKR partner and co-head of Asia Pacific Private Equity Ashish Shastry said KKR's investment in Weststar Aviation marked its first in Malaysia.
"We are honored to have worked closely with Weststar Group and Tan Sri Syed Azman Ibrahim to grow the business over the years and look forward to continued collaboration across the group’s different business verticals," he added.
