UK Company Buys PrivatAir's U.S. Division

Business Jet Traveler » April 2008
Tuesday, April 1, 2008 - 5:00am

Farnborough, UK-based business aircraft operations company Gama Holdings purchased PrivatAir Inc., the U.S. division of PrivatAir Group, in March for an undisclosed sum. Gama also bought 25 percent of Flight Services Group, which provides charter services to the former PrivatAir management clients in the U.S. Gama Holdings has renamed the company Gama Aviation and said its headquarters will remain in Stratford, Conn. Gama Holdings now manages 62 aircraft, and five more are scheduled for delivery.

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““CEOs go to their vacation homes just after companies report favorable news, and CEOs return to headquarters right before subsequent news is released. More good news is released when CEOs are back at work, and CEOs appear not to leave headquarters at all if a firm has adverse news to disclose. When CEOs are away from the office, stock prices behave quietly with sharply lower volatility. Volatility increases immediately when CEOs return to work.” —David Yermack, a New York University finance professor, whose recently released study shows a correlation between when CEOs take their private jets on vacation and movements in their companies’ stock price ”

-David Yermack