A group associated with Coniston Partners, a...

A group associated with Coniston Partners, a New York-based investment and arbitrage firm, has acquired a 5.72% stake in San Diego-based PS Group, according to Securities and Exchange Commission filings made earlier this week.

Coniston has been involved with several recent acquisition attempts, including a $1.3-billion offer made Oct. 7 for TW Services, which operates Hardee’s, Denny’s and El Pollo Loco restaurants. Coniston also has played arbitrage or investment roles in deals involving the parent company of United Air Lines and Gillette, a consumer products company.

PS Group executives were not available for comment Thursday. The former parent company of Pacific Southwest Airlines now owns aircraft leasing companies, oil and gas properties and a travel business.

Airplane Associates, a Cayman Island-based investment partnership, acquired the PS Group shares. New York-based Gollust, Tierney & Oliver, the managing partner of Coniston Partners, is a general partner in Airplane Associates, according to the SEC filing.

Airplane Associates acquired the shares “solely for investment purposes,” according to the SEC filing. However, the partnership might acquire or sell shares in the future, according to the filing.

Airplane Associates acquired the shares during the last several months. The investment partnership acquired 52,000 shares on Oct. 21 at prices ranging between $30.75 and $31.

According to PS Group’s most recent proxy, Airplane Associates joined several investors with hefty stock blocks. PS Group Chairman J. P. Guerin’s Pacific Partners owned 700,000 shares, or 9.6% of PS Group’s shares. Hein Securities owned 12%; the State of Wisconsin, 6.9%; TBK Partners and Tweedy, Browne Co., 14%, and CNB Investment Counselors, 5.6%.