Page 27 - STAT August 2022 for Magzter

n August 2021 aviation ground service SWISSPORT’S PHARMA NETWORK as of April 2022
and cargo handling company Swiss-
port International completed 25 years. 396,902 tonnes 30.7 %
IThree months before this historical Pharma cargo Pharma tonnage
landmark, the Swiss company appointed handled in 2021 growth since 2018
Warwick Brady as its new president and 10/10
chief executive officer. South African origin Of the largest
Brady, an experienced aviation leader who pharmaceutical
held top positions in easyJet, Mandala Air- companies trust
lines, Air Deccan/Kingfisher, Ryanair, NATS Swissport to
and Buzz, had once rejected to take up handle their cargo
the Swissport offer because the company 38,889 m2
was under the Chinese ownership and Temperature-
was not in the best of financial health. controlled space
Eric Born, former group president and CEO available
of Swissport International AG, persuaded
Brady to take up the role as Born was planning
to make an exit. However, Brady, who had his Brady would be a perfect choice to replace secured lenders of Swissport. The lead
share of challenging shareholders in the past, him at Swissport. investors are investment funds managed
decided to wait and see a change in the own- So in December 2020 Swissport got its by affiliates of Strategic Value Partners, LLC
ership of Swissport to take up the role. new owners in a debt-for-equity swap (“SVPGlobal”), Apollo Global Management,
“I thought I might wait until the acquisi- and completed a comprehensive financial Inc., TowerBrook Capital Partners, Ares
tion was done before I put my hat in the restructuring. As part of a debt-for-equity Management, Cross Ocean Partners and King
ring,” said Brady. Brady and the companies swap, ownership of the company has been Street Capital Management, LP.
that he worked for were customers of Swis- transferred from HNA Group to a group of The financial restructuring provided
sport and according to him, Born thought financial investors led by the former senior Swissport with a de-levered and strength-

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