Reuters: Mexican millionaires buy cheap exec jets - Spear's Magazine

Reuters: Mexican millionaires buy cheap exec jets

LONDON, July 13 (Reuters) – A group of Mexican billionaires are backing a fund seeking to buy cheap executive jet businesses in Europe.

LONDON, July 13 (Reuters) – A group of Mexican billionaires are backing a fund seeking to buy cheap executive jet businesses in Europe.

John Detmold, who runs Mexico-based Invecture Group, told Reuters on Monday his fund has up to $100 million to invest in business aviation companies in Europe. The four investors prefer to remain anonymous but are among Mexico’s 20 richest people.

Many charter companies are available at low prices because of the economic downturn and the fund is close to making its first European investment, Detmold said.

“The demand for that kind of luxury product in Europe has been really hard hit, the business has declined much more than in the U.S.,” said Detmold.

To read the full story, visit reuters.com



 

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