AFCO, in a joint venture with Howard Holdings plc and Convergence Holdings named CAFCO Limited (CAFCO-C), has successfully acquired the West Midlands International Airport Limited (WMIAL), the operating company for Coventry Airport in the United Kingdom.

WMIAL was acquired from TUI UK. Howard Holdings plc, an Irish property development company that is providing the bulk of the financing for the acquisition; Convergence, an English airport management and development company, teamed with AFCO to create CAFCO-C.

Future development plans by CAFCO-C include a new passenger terminal and other supporting infrastructure.

Charles Stipancic, AFCO Executive Vice President and Chief Operating Officer, successfully negotiated the joint venture arrangement and the terms of the acquisition with the other partners. Together with Alan Robinson, Chairman of CAFCO-C, Stipancic said “We are fully committed to the planning application being considered and we plan to develop the airport within an environmentally sustainable program. We are pleased that Bill Savage has agreed to take the position of Executive Chairman of WMIAL and as his focus will primarily be upon the planning inquiry issues, I am very happy that Adrian Jones, the current Finance Director will also step up to run the business as acting Managing Director. I am sure that the current team will benefit from our vast aviation, infrastructure and property experience and we look forward to the exciting challenges ahead.”

For more information about this project, contact Chuck Stipancic at 703-902-1187 or cstipancic@afcoinc.com.