Global airline services provider ASL Aviation Holdings is being taken over by European fund manager Star Capital for an undisclosed sum.

The Dublin-based group has a fleet of 130 aircraft and carried 3.2 million passengers in 2017.

It runs four European carriers under the ASL Airlines brand in Ireland, Belgium, France and Hungary.

An associate airline, Safair in South Africa, operates civilian Hercules aircraft on humanitarian missions in Africa.

It also runs Johannesburg-based budget carrier FlySafair, has joint venture cargo airlines in Thailand and India, maintenance facilities in Switzerland and Belgium and various aircraft leasing entities.

ASL’s airlines operate scheduled and charter flights under their own brands and operate passenger and cargo networks on behalf of major international customers including express freight integrators and passenger airlines.

Star Capital has reached agreement with ASL Holdings shareholders, Compagnie Maritime Belge (51%) and 3P Air Freighters (49%), to acquire the business.

ASL Holdings chief executive Hugh Flynn welcomed the announcement as “a positive and progressive investment that will provide the foundation for future growth and expanded service provision”.

He added: “Our aim is to be the aviation services provider of choice and we will work with Star Capital to continue to deliver on that by expanding our product offering, developing our geographical compass and focussing on core values including safety, reliability and quality.”

Star Capital managing partner Paul Gough added: “We are delighted with this proposed acquisition which we see as a perfect fit for our strategy to invest in strong asset-based businesses and support their growth ambitions.

“We will work with management to innovate and develop ASL’s business with current customers, identify and realise new opportunities and make investments that will secure cash flows and generate value.”