Bermuda Aviation Services has sold its subsidiary Aircraft Services Bermuda Ltd to Cedar Aviation.

BAS chairman Michael Darling said it was “a somewhat sad occasion” as the company was divesting the business from which it takes its name.

Ian Cook, BAS president and CEO, said: “As BAS has developed over the years we have moved further away from our aviation roots to become a full-fledged service company. When we received the unsolicited offer from Cedar Aviation, it just seemed to make sense. The capital injection from the sale will facilitate further development of the Group along its new direction.”

The terms of the deal were not disclosed.

Mr Darling said: “BAS was born out of aviation over 60 years ago, after all it has been at the heart of our name. While we appreciate that change is inevitable, it is a somewhat sad occasion to say farewell to the subsidiary that gave rise to where and what we are today.

“I wish nothing but the best to Cedar Aviation and I hope that ASB brings them the sort of success that we enjoyed with the company.”

BAS also acknowledged the Ministry of Transport and in particular the Department of Airport Aviation whom it described as “complimentary business partners over the last six decades”.

BAS, which is listed on the Bermuda Stock Exchange, has built up a range of business interests apart from aviation services, auto parts distribution, automotive services, facilities management services and the provision of cabling, networking and telephony installation and maintenance services.