News

Bill Gates buys stake at BBA Aviation

Bill Gates (touted as the world’s richest man) has began building a stake in BBA Aviation, an established aircraft servicing company in the US private jet market. 

Gates acquired a 3.16pc holding in BBA Aviation through his Cascade Investment fund, which aims at undervalued companies.

Like most aviation companies, BBA has been hit by the recession. It cut around 350 jobs this year but, according to reports, the company’s first quarter trading numbers were in line with expectations.
 
BBA’s Signature flight support wing performed better than most service centers during the first quarter. Operating in 80 locations, it offers services like refueling and deicing for private jets. Its organic sales fell 12pc in the first quarter. And considering the 26pc market drop, BBA has shown signs of stability.