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Directorate / Board Change

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Nick Land, the Chairman of the Audit and Risk Committee and Senior Independent Director has notified the Board that he will not be seeking re-election at the Company's Annual General Meeting in 2016.  Nick joined the Company's Board in 2006, becoming Chairman of the Audit and Risk Committee in 2007 and senior independent director in 2010.

Immediately following the conclusion of the AGM in 2016, Susan Kilsby will be appointed as the Senior Independent Director.  She will continue in her role as Chairman of the Remuneration Committee.  Susan has been a non-executive director since 2012.  Wayne Edmunds who joined the Board in 2013 will be appointed Chairman of the Audit and Risk Committee.

Peter Edwards and Peter Ventress will be appointed as non-executive directors of the Company with effect from 1 January 2016.

Peter Edwards has spent his career in the aerospace sector across a wide spectrum of roles.  Peter spent nine years with Gulfstream in a variety of senior sales and marketing roles.  In 1995, he joined Bombardier Aerospace Corporation, where in 2001 he was promoted to President of Business Aircraft.  Peter was Chief Executive Officer of Jet Aviation, a global business aircraft service provider, between 2007 and 2011.  Since leaving Jet Aviation, Peter has created an aerospace advisory practice and is a significant investor in Axis Simulation Holdings, which produces advanced flight simulators for the commercial and business aircraft markets.

Peter Ventress is Deputy Chairman and Senior Independent Director of Galliford Try plc and a Non-executive Director of Premier Farnell plc and Softcat plc.  From 2009 he spent six years as Chief Executive Officer of Berendsen plc. Prior to this he held several senior executive roles, including International President, at Staples Inc. and Chief Executive Officer, at Corporate Express NV a Dutch quoted company prior to its acquisition by Staples Inc.  He has held a number of other senior management positions across different businesses in a variety of industries and has lived and worked in France, Canada and the Netherlands.

Commenting on the changes, Sir Nigel Rudd, Chairman said:

"I'd like to welcome Peter Edwards and Peter Ventress as new directors of the Company - I believe their skills will complement the Board at this exciting time in the Company's development.  I would also like to thank Nick Land for his counsel as our Senior Independent Director and for his leadership of the Audit and Risk Committee. I am delighted that Susan and Wayne have agreed to take on increased responsibilities as our Senior Independent Director and Chairman of the Audit and Risk Committee respectively.  I look forward to working with them all."

 

Information required in accordance with Listing Rule 9.6.13: Peter Ventress is a non-director of Galliford Try plc and Premier Farnell plc.  He was the Chief Executive Officer of Berendsen plc until July 2015.

There are no other details to disclose under Listing Rule 9.6.13.

 

Enquiries:

BBA Aviation plc

Jemma Spalton, Head of Communications & Investor Relations

020 7514 3999


Tulchan

David Allchurch / Martha Walsh

020 7353 4200

 

Notes to Editors

BBA Aviation plc is a leading global aviation services and aftermarket support provider. BBA Aviation's Flight Support businesses (Signature Flight Support and ASIG) provide specialist on-airport support services, including refueling and ground handling, to the owners and operators of private, business, military and commercial aircraft. BBA Aviation's Aftermarket Services businesses (Dallas Airmotive, Premier Turbines, H+S Aviation, International Turbine Service, W. H. Barrett Turbine Engine Company, International Governor Services and Ontic) are focused on the repair and overhaul of gas turbine engines and the service of aerospace components, sub-systems and systems. BBA Aviation group companies operate from more than 220 individual locations on five continents. For more information, please visit www.bbaaviation.com


Trading Statement

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BBA Aviation plc, the leading global aviation support and aftermarket services provider, is issuing a trading statement for the period from 1 July to 21 November 2015.

 

Trading in the period was in line with our expectations in all businesses except for Engine Repair & Overhaul (ERO).

 

Group revenue was down 3% on an organic basis (excluding the impact of exchange rates, fuel prices, acquisitions and disposals).

 

Revenue in Flight Support was down 3% on an organic basis.  This reflects the previously announced net contract losses in ASIG and marginally softer than anticipated B&GA movements, which were flat in North America during the period, and down 2% in Europe.

 

Against this background, Signature Flight Support delivered another strong performance with organic revenue up 3% and good drop-through to operating profit, as Signature’s customers continue to recognise the benefits of its strong network and leading service offering.  Signature’s development project at Mineta San Jose International Airport is now nearly complete, ahead of its official opening in February 2016, and the ongoing development at London Luton Airport is progressing well.  In ASIG, organic revenue declined by 14%, reflecting the previously announced termination of ground handling contracts at John F. Kennedy International Airport Terminal One in February 2015 and at Singapore Changi Airport in July 2015. Having addressed a number of contractual issues, ASIG is now delivering a much improved operational performance.

 

In Aftermarket Services, organic revenue declined by 3%. In ERO the throughput issues in the first half associated with the footprint rationalisation have been addressed with strong improvements in engine turn times. After solid inputs in Q3, there were lower than anticipated inputs and reduced engine work scopes in October and November and this is expected to continue through December, with pricing remaining competitive.  This led to an organic revenue decline of 3% in ERO. Legacy Support continues to perform in line with expectations against a strong prior year comparator, with revenue flat. The adoptions of the 6 licences signed over the last 18 months are progressing well and we continue to see a strong pipeline of further licence opportunities.

 

The proposed acquisition of Landmark Aviation that was announced in September 2015 has been positively received by all stakeholders and is proceeding to plan with completion anticipated in early 2016.

 

Commenting on the trading statement, Simon Pryce, BBA Aviation Group Chief Executive said:

 

“With the exception of our Engine Repair & Overhaul business, all Group businesses continue to perform in line with our expectations. In Flight Support, despite B&GA flying being marginally softer than anticipated, Signature continues to perform strongly and outpace its key markets. In Aftermarket Services, whilst we are seeing a significant operational improvement in ERO, inputs and engine work scopes in October and November were weaker than anticipated. This is likely to continue through the remainder of the year.

Despite this challenging backdrop in ERO, 2015 is still expected to be a year of progress for BBA Aviation, with strong momentum into 2016 driven by Flight Support as the significant growth investments made in recent years increasingly contribute and as we look to complete the acquisition of Landmark Aviation and begin to realise the very significant customer and stakeholder benefits this transformational combination creates.”


Notes:

BBA Aviation plc will announce its final results for the year ended 31 December 2015 on 3 March 2016.

 

Enquiries:

BBA Aviation plc

Mike Powell, Group Finance Director / Jemma Spalton, Head of Investor Relations & Communications

(020) 7514 3999

 

Tulchan Communications

David Allchurch / Martha Walsh

(020) 7353 4200

 

 

About BBA Aviation plc:

BBA Aviation plc is a leading global aviation support and aftermarket services provider with market leading businesses and attractive growth opportunities. BBA Aviation’s Flight Support businesses (Signature Flight Support and ASIG) are focused on refuelling and ground handling of business and commercial aviation aircraft. Its Aftermarket Services businesses (Dallas Airmotive, Premier Turbines, H+S Aviation, International Turbine Service, Barrett Turbine Engine Company, International Governor Services and Ontic) are focused on the repair and overhaul of jet engines and the service of aerospace sub-systems and components. For more information, please visit www.bbaaviation.com

BBA Aviation obtains regulatory clearance for the acquisition of Landmark Aviation

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BBA Aviation plc, the leading global aviation support and aftermarket services provider, announces that the Department of Justice has now filed its antitrust lawsuit and proposed settlement for clearance under the U.S. Hart–Scott–Rodino Act for the acquisition of Landmark Aviation (“Landmark”).  As a result, completion of the Landmark acquisition is expected shortly.

 

Landmark is an integrated aviation service provider offering end-to-end support services to Business and General Aviation (“B&GA”) customers. After Signature Flight Support (“Signature”), Landmark is one of the largest fixed base operation (“FBO”) networks in the world with 68 locations, of which 64 are in North America and 4 are in Europe.

 

As outlined at the time of announcement of the Acquisition on 23 September 2015, the Board of BBA Aviation believes that acquiring Landmark is transformational with the following benefits:

 

- It is strategically compelling

- A major expansion of Signature, already the world's largest FBO network

- Brings Signature's operational excellence to Landmark's portfolio and enhances its industry leading customer proposition

- Substantial cost synergies and tax benefits

- Strong cash generation and rapid deleveraging profile

- Expected to be EPS enhancing in 2017 and materially enhancing on a cash tax basis

- Return on invested capital expected to exceed weighted average cost of capital in 2018

 

As anticipated, under the terms of the regulatory approval, the Company is required to sell six FBOs at: Westchester County Airport, New York; Washington Dulles International Airport, Virginia; Scottsdale Airport, Arizona; Ted Stevens Anchorage International Airport, Alaska; Jacqueline Cochran Regional Airport, California; and part of the Landmark facilities at Fresno Yosemite International Airport.  These FBOs together contributed $16.1m of EBITDA in 2014. The sale process for these FBOs is underway.

 

Taking in to account the full year effect of the Acquisition and the associated disposals, the Board continues to believe that pro forma leverage as at 31 December 2015 would have been approximately 3.5x net debt/EBITDA and lower than this on a covenant basis.  Leverage is expected to reduce towards the top end of BBA Aviation’s target range by the end of 2017.

 

Commenting on today's announcement, Simon Pryce, Chief Executive of BBA Aviation, said:

 

“We are pleased with this positive result from the Department of Justice review process and to have received approval to complete the acquisition of Landmark Aviation, which materially enhances the underlying quality, growth and value creation prospects of the Group, and represents a major expansion of our market-leading Signature FBO business.”

 

For further information please contact:

BBA Aviation plc

+44 (0) 20 7514 3999

Mike Powell, Group Finance Director

Jemma Spalton, Head of Communications & Investor Relations

 

Tulchan Communications

+44 (0) 20 7353 4200

David Allchurch

Martha Walsh

 

Information on BBA Aviation plc

BBA Aviation plc is a leading global aviation support and aftermarket services provider with market leading businesses and attractive growth opportunities. BBA Aviation's Flight Support businesses (Signature Flight Support and ASIG) are focused on refuelling and ground handling of business and commercial aviation aircraft. Its Aftermarket Services businesses (Dallas Airmotive, H+S Aviation, International Turbine Service, Barrett Turbine Engine Company, International Governor Services and Ontic) are focused on the repair and overhaul of jet engines and the service of aerospace sub-systems and components. For more information, please visit www.bbaaviation.com

BBA Aviation completes the acquisition of Landmark Aviation

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BBA Aviation plc, the leading global aviation support and aftermarket services provider, is pleased to announce that it has today completed the acquisition of Landmark Aviation for a total consideration of $2,065 million following the receipt of clearance under the U.S. Hart–Scott–Rodino Act as announced on 3 February 2016.

 

Details of the acquisition and the terms of the regulatory approval were set out in BBA Aviation’s Stock Exchange Announcements on 23 September 2015 and 3 February 2016.

 

For further information please contact:

BBA Aviation plc

+44 (0) 20 7514 3999

Mike Powell, Group Finance Director

Jemma Spalton, Head of Communications & Investor Relations

 

Tulchan Communications

+44 (0) 20 7353 4200

David Allchurch

Martha Walsh

 

Information on BBA Aviation plc

 

BBA Aviation plc is a leading global aviation support and aftermarket services provider with market leading businesses and attractive growth opportunities. BBA Aviation's Flight Support businesses (Signature Flight Support and ASIG) are focused on refuelling and ground handling of business and commercial aviation aircraft. Its Aftermarket Services businesses (Dallas Airmotive, H+S Aviation, International Turbine Service, Barrett Turbine Engine Company, International Governor Services and Ontic) are focused on the repair and overhaul of jet engines and the service of aerospace sub-systems and components. For more information, please visit www.bbaaviation.com

 

 

 

BBA Aviation agrees disposal of six FBOs for $190 million

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BBA Aviation plc, the focused Business and General Aviation ("B&GA") value added service provider, announces the sale of six FBOs, as agreed with the U.S. Department of Justice under the terms of the regulatory approval for the acquisition of Landmark Aviation ("Landmark"), for an aggregate consideration of $190 million to affiliates of KSL Capital Partners, LLC ("the transaction").  In connection with the transaction, KSL has partnered with Jeffrey Ross, the former president and CEO of Ross Aviation, who will manage the Divestiture Assets following the closing of the transaction.  The transaction is subject to customary approvals, including airport consents and approval by the U.S. Department of Justice, and completion is expected in due course.

As previously announced on 3 February, under the terms of the regulatory approval in connection with the acquisition of Landmark Aviation, the Company was required to sell six legacy Landmark FBOs at: Westchester County Airport, New York; Washington Dulles International Airport, Virginia; Scottsdale Airport, Arizona; Ted Stevens Anchorage International Airport, Alaska; Jacqueline Cochran Regional Airport, California; and part of the Landmark facilities at Fresno Yosemite International Airport.  These FBOs together contributed $16.1 million of EBITDA in 2014.  Proceeds of the transaction will be used to repay existing debt facilities, including in its entirity the $150 million short term debt facility raised as part of the financing package for the transaction.

Commenting on today's announcement, Simon Pryce, Chief Executive of BBA Aviation, said:

"We are pleased to announce this successful disposal, which follows the transformational acquisition of Landmark Aviation.  Since completion of the acquisition in February, we have made good progress with the integration which is proceeding to plan. We look forward to updating the market in due course as we realise the full potential of the expanded Group."

Signature Flight Support forms joint venture with Italy's Sea Prime, adding Italy to its growing European network

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Signature Flight Support continues to gather momentum in Europe by expanding into its newest region through the acquisition of a 60% share of Prime Aviation Services S.p.A. from SEA Prime S.p.A, who will remain a 40% shareholder. SEA Prime S.p.A. is 100% owned by SEA S.p.A., the airport manager of Milan Linate and Milan Malpensa.
The newly-refurbished FBO in Milan-Linate (LIML/LIN) and satellite stations in Milan-Malpensa (LIMC/MXP), Rome-Ciampino (LIRA/CIA) and Venice Marco-Polo (LIPZ/VCE) add four locations to Signature’s European network now totaling 31 FBOs in EMEA and 199 globally. Signature Flight Support’s European network is represented in 9 of the top 25 European airports in terms of business and general aviation activity. The FBOs will be fully-branded Signature Flight Support locations.
The operation in Milan-Linate (LIN) offers VIP passenger handling, with exquisite lounge accommodations, customs and immigration assistance, ground transportation, hotel and conference coordination and VIP security services as well as fuel services. For crew, the exclusive crew lounge area offers a quiet and comfortable rest area. Weather briefings, flight planning assistance, NOTAM information, slot coordination, crew ground transportation and hotel accommodations are standard amenities for crew. Flight support services include, catering, laundry services, aircraft cleaning, and maintenance support. Ground handling, VIP lounges and fuel services are offered in Rome-Ciampino (LIRA/CIA) and Venice Marco-Polo (LIPZ/VCE) airports.
The partnership has been formed one year after the relaunch of business aviation by SEA S.p.A. at Milan Linate, the first business aviation airport in Italy with over 22,000 movements per annum. In particular, the relaunch has seen the refurbishment of the General Aviation Terminal in 2015 and is part of investments in excess of 25 million Euros beginning in 2015 through 2020.

Signature Flight Support continues to gather momentum in Europe by expanding into its newest region through the acquisition of a 60% share of Prime Aviation Services S.p.A. from SEA Prime S.p.A, who will remain a 40% shareholder. SEA Prime S.p.A. is 100% owned by SEA S.p.A., the airport manager of Milan Linate and Milan Malpensa.

The newly-refurbished FBO in Milan-Linate (LIML/LIN) and satellite stations in Milan-Malpensa (LIMC/MXP), Rome-Ciampino (LIRA/CIA) and Venice Marco-Polo (LIPZ/VCE) add four locations to Signature’s European network now totaling 31 FBOs in EMEA and 199 globally. Signature Flight Support’s European network is represented in 9 of the top 25 European airports in terms of business and general aviation activity. The FBOs will be fully-branded Signature Flight Support locations.

The operation in Milan-Linate (LIN) offers VIP passenger handling, with exquisite lounge accommodations, customs and immigration assistance, ground transportation, hotel and conference coordination and VIP security services as well as fuel services. For crew, the exclusive crew lounge area offers a quiet and comfortable rest area. Weather briefings, flight planning assistance, NOTAM information, slot coordination, crew ground transportation and hotel accommodations are standard amenities for crew. Flight support services include, catering, laundry services, aircraft cleaning, and maintenance support. Ground handling, VIP lounges and fuel services are offered in Rome-Ciampino (LIRA/CIA) and Venice Marco-Polo (LIPZ/VCE) airports.

The partnership has been formed one year after the relaunch of business aviation by SEA S.p.A. at Milan Linate, the first business aviation airport in Italy with over 22,000 movements per annum. In particular, the relaunch has seen the refurbishment of the General Aviation Terminal in 2015 and is part of investments in excess of 25 million Euros beginning in 2015 through 2020.

“These investments are a strong sign of our commitment and we believe that this important agreement with Signature Flight Support, the largest player in the industry, will be instrumental not only in accelerating the expected growth at our airports, but also in generating new opportunities and international synergies. 2015 marked a turning point for SEA Prime, which saw revenues and profit growth. Today we open a new chapter in which, by combining our assets, and the leadership of our partners, we foresee a new and important role for Italy in the business aviation sector," said Giulio De Metrio, Chairman of SEA Prime S.p.A. and COO of SEA S.p.A..

“Prime Aviation Services is a significant addition to the Signature Flight Support network providing our customers premier choices for flight support service at four of Italy’s top airports. We are proud to add them to the Signature family and will immediately offer our customers visiting our newest region with Signature’s world-class customer experience and benefits. We are confident that this partnership with SEA Prime S.p.A. will raise the bar for business and general aviation handling in Italy,” commented Mark Johnstone, Managing Director for Signature Flight Support, EMEA.

 

To learn more about Signature Flight Support, Signature Select and other licensing options contact: Evie Freeman, +44 1582 434 680 or evie.freeman@bbaaviation.com or visit the BBA Aviation booth C051 at the 2016 EBACE in Geneva, Switzerland held May 24 – 26, 2016.

BBA Aviation Trading Statement

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In advance of its Annual General Meeting today, BBA Aviation plc, the market-leading provider of global aviation support and aftermarket services, is issuing a trading statement for the period from 1 January to 31 March 2016, unless otherwise stated.

 

Trading

 

The Group is trading in-line with expectations, with revenue up 12% year-on-year, reflecting acquisitions and organic growth at Signature and Legacy. On a like-for-like basis (constant currency, adjusting for lower fuel prices and before acquisitions), revenue was down 6%.

 

In Flight Support, total revenue growth adjusting for fuel prices was up 33%. On an organic basis, Flight Support’s revenues fell 3%.

 

Signature Flight Support grew revenues 1.8% on an organic basis to outperform its market, despite an unusually mild winter impacting both de-icing revenues and traffic in some locations, and continued to deliver strong drop-through. North American B&GA flight movements continue their recovery, up 1% in the quarter (same period last year: 1%).

 

The $2.1bn acquisition of Landmark Aviation completed on 5 February. Integration is ahead of plan and we remain confident in delivering at least the $35 million of synergies previously identified. US Department of Justice approval for the transaction required the disposal of six FBOs, and a sale for $190 million was announced on 30 March with completion expected before the end of June.

 

Signature’s greenfield development project at Mineta San Jose International Airport opened officially in February, while the redevelopment at London Luton is progressing on track towards an expected completion in November. In April, we announced the acquisition of a majority share in four FBOs to add to Signature’s European network – Milan-Linate, Milan-Malpensa, Rome-Ciampino and Venice Marco-Polo.

 

Elsewhere in Flight Support, ASIG’s revenues were down 12% on an organic basis both as a result of previously announced contract losses and lower de-icing activity. Underlying operational performance was good and as referenced in our 2015 preliminary results announcement, we are making good progress in reviewing our value maximisation alternatives for ASIG.

 

Aftermarket Services revenue fell 11% on an organic basis. Conditions in ERO markets remain challenging. We are making good progress on both our footprint rationalisation programme and on the additional actions identified and referred to in our 2015 preliminary results announcement to further reduce the cost and complexity of the ERO business. In contrast, Legacy Support continues to perform well, with increased demand for product under existing licences as well as new adoptions contributing to growth versus the comparator period.

 

Commenting on the trading statement, Simon Pryce, BBA Aviation Group Chief Executive said:

 

“Despite marginally softer than anticipated markets and unseasonably warm weather in the north eastern United States, the Group as a whole is performing in line with expectations. Importantly, the Signature Flight Support network continues to outperform its markets with strong margin drop through, and we see increasing long term opportunity through the application of Signature’s industry leading customer focus, quality and breadth of service across our network of nearly 200 FBOs. Our Legacy Support business continues to deliver, ASIG’s underlying operational performance is solid and ERO is demonstrating operational improvements despite challenging markets. The Group has got off to a good start in what will be a transformational year for BBA Aviation.”

 

 

Notes:

BBA Aviation plc will announce its interim results for the period to 30 June 2016 on 2 August 2016.

 

Enquiries:

BBA Aviation plc

Mike Powell, Group Finance Director / Martha Walsh, Interim Head of Investor Relations

(020) 7514 3999

 

Tulchan Communications

David Allchurch / Doug Campbell

(020) 7353 4200

 

 

Information on BBA Aviation plc

 

BBA Aviation plc is a leading global aviation support and aftermarket services provider with market leading businesses and attractive growth opportunities. BBA Aviation's Flight Support businesses (Signature Flight Support and ASIG) are focused on refuelling and ground handling of business and commercial aviation aircraft. Its Aftermarket Services businesses (Dallas Airmotive, H+S Aviation, International Turbine Service, Barrett Turbine Engine Company, International Governor Services and Ontic) are focused on the repair and overhaul of jet engines and the service of aerospace sub-systems and components. For more information, please visit www.bbaaviation.com

Signature Flight Support forms joint venture with Italy's Sea Prime, adding Italy to its growing European network

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Signature Flight Support continues to gather momentum in Europe by expanding into its newest region through the acquisition of a 60% share of Prime Aviation Services S.p.A. from SEA Prime S.p.A, who will remain a 40% shareholder. SEA Prime S.p.A. is 100% owned by SEA S.p.A., the airport manager of Milan Linate and Milan Malpensa.
The newly-refurbished FBO in Milan-Linate (LIML/LIN) and satellite stations in Milan-Malpensa (LIMC/MXP), Rome-Ciampino (LIRA/CIA) and Venice Marco-Polo (LIPZ/VCE) add four locations to Signature’s European network now totaling 31 FBOs in EMEA and 199 globally. Signature Flight Support’s European network is represented in 9 of the top 25 European airports in terms of business and general aviation activity. The FBOs will be fully-branded Signature Flight Support locations.
The operation in Milan-Linate (LIN) offers VIP passenger handling, with exquisite lounge accommodations, customs and immigration assistance, ground transportation, hotel and conference coordination and VIP security services as well as fuel services. For crew, the exclusive crew lounge area offers a quiet and comfortable rest area. Weather briefings, flight planning assistance, NOTAM information, slot coordination, crew ground transportation and hotel accommodations are standard amenities for crew. Flight support services include, catering, laundry services, aircraft cleaning, and maintenance support. Ground handling, VIP lounges and fuel services are offered in Rome-Ciampino (LIRA/CIA) and Venice Marco-Polo (LIPZ/VCE) airports.
The partnership has been formed one year after the relaunch of business aviation by SEA S.p.A. at Milan Linate, the first business aviation airport in Italy with over 22,000 movements per annum. In particular, the relaunch has seen the refurbishment of the General Aviation Terminal in 2015 and is part of investments in excess of 25 million Euros beginning in 2015 through 2020.

Signature Flight Support continues to gather momentum in Europe by expanding into its newest region through the acquisition of a 60% share of Prime Aviation Services S.p.A. from SEA Prime S.p.A, who will remain a 40% shareholder. SEA Prime S.p.A. is 100% owned by SEA S.p.A., the airport manager of Milan Linate and Milan Malpensa.

The newly-refurbished FBO in Milan-Linate (LIML/LIN) and satellite stations in Milan-Malpensa (LIMC/MXP), Rome-Ciampino (LIRA/CIA) and Venice Marco-Polo (LIPZ/VCE) add four locations to Signature’s European network now totaling 31 FBOs in EMEA and 199 globally. Signature Flight Support’s European network is represented in 9 of the top 25 European airports in terms of business and general aviation activity. The FBOs will be fully-branded Signature Flight Support locations.

The operation in Milan-Linate (LIN) offers VIP passenger handling, with exquisite lounge accommodations, customs and immigration assistance, ground transportation, hotel and conference coordination and VIP security services as well as fuel services. For crew, the exclusive crew lounge area offers a quiet and comfortable rest area. Weather briefings, flight planning assistance, NOTAM information, slot coordination, crew ground transportation and hotel accommodations are standard amenities for crew. Flight support services include, catering, laundry services, aircraft cleaning, and maintenance support. Ground handling, VIP lounges and fuel services are offered in Rome-Ciampino (LIRA/CIA) and Venice Marco-Polo (LIPZ/VCE) airports.

The partnership has been formed one year after the relaunch of business aviation by SEA S.p.A. at Milan Linate, the first business aviation airport in Italy with over 22,000 movements per annum. In particular, the relaunch has seen the refurbishment of the General Aviation Terminal in 2015 and is part of investments in excess of 25 million Euros beginning in 2015 through 2020.

“These investments are a strong sign of our commitment and we believe that this important agreement with Signature Flight Support, the largest player in the industry, will be instrumental not only in accelerating the expected growth at our airports, but also in generating new opportunities and international synergies. 2015 marked a turning point for SEA Prime, which saw revenues and profit growth. Today we open a new chapter in which, by combining our assets, and the leadership of our partners, we foresee a new and important role for Italy in the business aviation sector," said Giulio De Metrio, Chairman of SEA Prime S.p.A. and COO of SEA S.p.A..

“Prime Aviation Services is a significant addition to the Signature Flight Support network providing our customers premier choices for flight support service at four of Italy’s top airports. We are proud to add them to the Signature family and will immediately offer our customers visiting our newest region with Signature’s world-class customer experience and benefits. We are confident that this partnership with SEA Prime S.p.A. will raise the bar for business and general aviation handling in Italy,” commented Mark Johnstone, Managing Director for Signature Flight Support, EMEA.

 

To learn more about Signature Flight Support, Signature Select and other licensing options contact: Evie Freeman, +44 1582 434 680 or evie.freeman@bbaaviation.com or visit the BBA Aviation booth C051 at the 2016 EBACE in Geneva, Switzerland held May 24 – 26, 2016.


Lanseria Jet Centre joins Signature Select expanding Signature Flight Support's network in Africa

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Signature Flight Support, a BBA Aviation company, announced at the 2016 European Business Aviation Convention and Exhibition (EBACE) that it has signed an agreement with Lanseria Jet Centre Pty located at Lanseria International Airport, South Africa (FALA/HLA) to become the newest Signature Select affiliate.
Mark Johnstone, Managing Director, BBA Aviation Flight Support, EMEA stated, “Signature’s presence in South Africa at Cape Town is now complemented by this agreement with Lanseria Jet Centre. Johannesburg and Cape Town are the two largest aviation hubs in South Africa and this provides our customers with consistent, world-class flight support services. We are very pleased to have Lanseria Jet Centre as part of our growing global portfolio and we are happy to welcome them to the network.”
“We couldn’t be more pleased to be part of the Signature network as a Signature Select location. Our customers utilise Signature around the world and now here at Lanseria. Our decision to join as a Signature Select was driven by the unsurpassed value proposition not only for our customers, but also the best practices in the industry that have made Signature Flight Support the world’s leading FBO network,” Stated Steve Anderson, CEO of Lanseria Jet Centre.
Once the Signature Select transition is complete, it will offer amenities for crew and passengers including a dedicated crew lounge with private Wi-Fi capable of streaming content from the users’ devices, refreshments, flight planning and weather services and a private crew bus for airport transfers. Passengers will also enjoy a private lounge with separate meeting rooms featuring streaming-capable Wi-Fi, wine and refreshments, secured car park, available ramp car parking and hotel an tour booking services. Onsite line maintenance, aircraft detailing, toilet and water services will be available along with fuel coordination.
Lanseria serves as a superior option for business and general aviation aircraft transiting the Johannesburg area and serves the affluent suburbs of Dainfern, Fourways and Sandton. The airport is not slot constrained and is convenient for operators with 24 hours of operation and customs and immigration onsite.

Signature Flight Support, a BBA Aviation company, announced at the 2016 European Business Aviation Convention and Exhibition (EBACE) that it has signed an agreement with Lanseria Jet Centre Pty located at Lanseria International Airport, South Africa (FALA/HLA) to become the newest Signature Select affiliate.

Mark Johnstone, Managing Director, BBA Aviation Flight Support, EMEA stated, “Signature’s presence in South Africa at Cape Town is now complemented by this agreement with Lanseria Jet Centre. Johannesburg and Cape Town are the two largest aviation hubs in South Africa and this provides our customers with consistent, world-class flight support services. We are very pleased to have Lanseria Jet Centre as part of our growing global portfolio and we are happy to welcome them to the network.”

“We couldn’t be more pleased to be part of the Signature network as a Signature Select location. Our customers utilise Signature around the world and now here at Lanseria. Our decision to join as a Signature Select was driven by the unsurpassed value proposition not only for our customers, but also the best practices in the industry that have made Signature Flight Support the world’s leading FBO network,” Stated Steve Anderson, CEO of Lanseria Jet Centre.

Once the Signature Select transition is complete, it will offer amenities for crew and passengers including a dedicated crew lounge with private Wi-Fi capable of streaming content from the users’ devices, refreshments, flight planning and weather services and a private crew bus for airport transfers. Passengers will also enjoy a private lounge with separate meeting rooms featuring streaming-capable Wi-Fi, wine and refreshments, secured car park, available ramp car parking and hotel an tour booking services. Onsite line maintenance, aircraft detailing, toilet and water services will be available along with fuel coordination.

Lanseria serves as a superior option for business and general aviation aircraft transiting the Johannesburg area and serves the affluent suburbs of Dainfern, Fourways and Sandton. The airport is not slot constrained and is convenient for operators with 24 hours of operation and customs and immigration onsite.

Signature Flight Support to take over world class FBO facility at London Biggin Hill

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Signature Flight Support, a BBA Aviation company, announced today that it has signed an agreement with London Biggin Hill Airport (BQH/EGKB) to expand and operate from the former RizonJet FBO facility.

This stunning facility rivals any in the business aviation world in its elegantly appointed private lounge areas and four floors comprising over 20,000 sq. ft. A boardroom and multiple conference areas make it an ideal location for private meetings and available office space makes the facility a perfect venue to house an aviation business or flight department.

“We are pleased to be able to expand our operations at London Biggin Hill, especially in a facility of this calibre.  Signature has an exceptional relationship with the airport and our collaboration has yielded excellent results for all involved, our customers, the airport and Signature Flight Support.  Having been present on the airport since February 2014 and now with this fantastic FBO, coupled with our world-class service, we are prouder than ever to welcome our customers from around the globe to Signature London Biggin Hill,” stated Mark Johnstone, Managing Director, BBA Aviation Flight Support EMEA.

“We are delighted to have the opportunity to expand our relationship with Signature Flight Support. The strength and depth of the Signature product is a tremendous asset to London Biggin Hill and its customers,” stated Robert Walters, Director, London Biggin Hill Airport.

Signature’s expansion at London Biggin Hill comes at a time when the airport is due to roll out several operational and infrastructure projects including new extended operating hours, new GPS approaches as well as a new four star hotel on the airport premises, adjacent to the expanded Signature facility.

London Biggin Hill offers the fastest entry into London being located a mere 12 miles from central London or six minutes via the London Heli Shuttle. The airport is a designated UK Port of Entry with no slot restrictions, extensive hangarage, flight support and maintenance services for a range of business jets.

Signature Flight Support will commence operations in their new facility from June 20, 2016. The FBO will be a fully branded Signature Flight Support location.

 

BBA Aviation completes disposal of six FBOs for $190 million

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Further to the announcement made on 30 March 2016, BBA Aviation plc announces that following the receipt of customary approvals, including airport consents and approval by the U.S. Department of Justice, it has completed the sale of six FBOs to affiliates of KSL Capital Partners, LLC.

 

All the terms of the transaction remain as outlined in the announcement made on 30 March 2016.

 

For further information please contact:

BBA Aviation plc

+44 (0) 20 7514 3999

Mike Powell, Group Finance Director

Martha Walsh, Interim Head of Communications & Investor Relations

 

Tulchan Communications

+44 (0) 20 7353 4200

David Allchurch

Doug Campbell

 

Information on BBA Aviation plc

BBA Aviation plc is a focused B&GA value added service provider with market leading businesses and attractive growth opportunities. BBA Aviation's Flight Support businesses (Signature Flight Support and ASIG) are focused on refuelling and ground handling of business and commercial aviation aircraft. Its Aftermarket Services businesses (Dallas Airmotive, H+S Aviation, International Turbine Service, Barrett Turbine Engine Company, International Governor Services and Ontic) are focused on the repair and overhaul of jet engines and the service of aerospace sub-systems and components. For more information, please visit www.bbaaviation.com

 

Summary 2014 consolidated financials of the six FBOs being sold to KSL Capital:

EBITDA: $16.1m
Profit Before Tax: ($6.1m)
Gross Assets: $85.7m

Signature Flight Support commences operations at the former Airborne Aviation FBO facility at Stewart International Airport

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Signature Flight Support, a BBA Aviation company, announced today that it has commenced operations at the FBO formerly operated by Airborne Aviation at Stewart International Airport (SWF) in Newburgh, New York. The addition of Signature Stewart brings the Signature Flight Support network total to 200 global locations.

 

Stewart adds to the significant footprint within New York and New Jersey where Signature Flight Support operates with facilities at TEB, HPN, EWR, ACY, SYR, TTN and MMU. Stewart International Airport is a convenient reliever airport and offers an excellent option for aircraft that reposition and park outside of the New York/New Jersey metro areas.

 

“Our long-standing, collaborative relationship with the Port Authority of New York/New Jersey is exemplary. Signature has invested heavily in the two states and we have a long-term, optimistic view for business and general aviation in New York and New Jersey. We are excited to add to our northeast portfolio and look forward to bringing Signature’s world-class service and safety to Stewart International Airport,” stated Maria Sastre, President and COO for Signature Flight Support.

 

“Signature Flight Support offers unparalleled hospitality and service, making it a vital asset to Stewart International Airport,” said Ed Harrison, General Manager of Stewart International Airport. “Today’s announcement highlights the Port Authority’s efforts to position the airport for growth while encouraging air service development opportunities beyond commercial and cargo. We look forward to this continued partnership as it helps to strengthen our airport's role as an economic driver that creates jobs for the region.”

 

Signature Flight Support commenced operations at SWF on July 7, 2016. The FBO will be a fully branded Signature Flight Support location and offer Signature TailWins and Signature Status benefits for its customers once the operational transition is fully completed.

Talon Air Joins Signature Select

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Signature Flight Support Corporation announced today that Talon Air of Farmingdale, New York (FRG) has joined Signature Select as the newest location in the Signature Flight Support network and the first on Long Island. The addition of Signature Select’s customer benefits to Talon Air will offer convenience and create new value for air travelers and is expected bring more business to Republic Airport.
Maria Sastre, President and Chief Operating Officer for Signature Flight Support, commented, “Talon Air has been a long-term customer with its aircraft-charter services and managed fleet of aircraft. Now being a Signature Select affiliate, they are able to offer their clients all of the benefits of Signature’s global network. Signature has a significant presence in the New York market, and we enthusiastically welcome Talon Air to our network.”
Talon Air’s Signature Select affiliation creates added value for clients by way of point-to-point coordination with other Signature locations—saving time and ensuring consistent, high-touch concierge service.
“We are excited about the host of opportunities created by joining Signature Select’s growing network of locations around the country,” said Talon Air Founder, Adam Katz. “We expect our clients, Republic Airport and the surrounding community to see a real economic benefit from the convenience this program provides.”
Talon Air, headquartered at Republic Airport (KFRG), is a full-service business and private aviation provider. Its facility comprises more than 100,000 sq. ft. of hangar, executive terminal and office space, making it the largest operator at Republic Airport. Talon’s portfolio of services includes aircraft charter, management, fixed-base operations (FBO) and flight-support solutions. Talon Air also operates a FAA Part 145 Repair Station and performs maintenance repair and overhaul (MRO) on most modern aircraft—along with non-destructive testing (NDT), avionics installation and repair, interior installation and refurbishment. In addition, as part of the Talon Air Mobile Services Team, Talon Air provides aircraft-on ground (AOG) service.
Talon’s diverse fleet of owned and managed aircraft spans the gamut of heavy, super-midsize, midsize, light jets, turboprop, amphibious and executive helicopters. Talon Air also offers a fleet of 30 turbine-powered aircraft and is the world’s largest owner and operator of the Hawker 4000 Aircraft, all of which are available for charter.
Signature Select members are supported by Signature Flight Support’s global sales and marketing teams and are promoted along with its network of more than 200 worldwide locations. Each member company maintains its independent brand with the addition of the Signature Select badge.
To learn more about Signature Select, visit www.signatureselectfbo.com or contact Melissa Singer, Senior Director of Brand Extension, at 407-648-7229 or via email: melissa.singer@signatureflight.com.

Signature Flight Support Corporation announced today that Talon Air of Farmingdale, New York (FRG) has joined Signature Select as the newest location in the Signature Flight Support network and the first on Long Island. The addition of Signature Select’s customer benefits to Talon Air will offer convenience and create new value for air travelers and is expected bring more business to Republic Airport.

 

Maria Sastre, President and Chief Operating Officer for Signature Flight Support, commented, “Talon Air has been a long-term customer with its aircraft-charter services and managed fleet of aircraft. Now being a Signature Select affiliate, they are able to offer their clients all of the benefits of Signature’s global network. Signature has a significant presence in the New York market, and we enthusiastically welcome Talon Air to our network.”

 

Talon Air’s Signature Select affiliation creates added value for clients by way of point-to-point coordination with other Signature locations—saving time and ensuring consistent, high-touch concierge service.

 

“We are excited about the host of opportunities created by joining Signature Select’s growing network of locations around the country,” said Talon Air Founder, Adam Katz. “We expect our clients, Republic Airport and the surrounding community to see a real economic benefit from the convenience this program provides.”

 

Talon Air, headquartered at Republic Airport (KFRG), is a full-service business and private aviation provider. Its facility comprises more than 100,000 sq. ft. of hangar, executive terminal and office space, making it the largest operator at Republic Airport. Talon’s portfolio of services includes aircraft charter, management, fixed-base operations (FBO) and flight-support solutions. Talon Air also operates a FAA Part 145 Repair Station and performs maintenance repair and overhaul (MRO) on most modern aircraft—along with non-destructive testing (NDT), avionics installation and repair, interior installation and refurbishment. In addition, as part of the Talon Air Mobile Services Team, Talon Air provides aircraft-on ground (AOG) service.

 

Talon’s diverse fleet of owned and managed aircraft spans the gamut of heavy, super-midsize, midsize, light jets, turboprop, amphibious and executive helicopters. Talon Air also offers a fleet of 30 turbine-powered aircraft and is the world’s largest owner and operator of the Hawker 4000 Aircraft, all of which are available for charter.

 

Signature Select members are supported by Signature Flight Support’s global sales and marketing teams and are promoted along with its network of more than 200 worldwide locations. Each member company maintains its independent brand with the addition of the Signature Select badge.

 

To learn more about Signature Select, visit www.signatureselectfbo.com or contact Melissa Singer, Senior Director of Brand Extension, at 407-648-7229 or via email: melissa.singer@signatureflight.com.

 

Disposal of ASIG to John Menzies plc for $202 million

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Following a number of approaches and subsequent formal review, BBA Aviation plc (“BBA Aviation”, “the Group”), a market-leading provider of global aviation support and aftermarket services, announces that it has reached agreement with John Menzies plc (“Menzies”) on the terms of the sale of ASIG, a leading commercial aviation services company, for $202 million in cash. Menzies is funding the acquisition through raising additional debt and equity and, in addition to customary approvals, the transaction will require the approval of its shareholders. As a result of this process, the disposal is expected to close around the end of 2016.

 

ASIG is the world’s leading independent refueller, employing approximately 8,000 people, and providing ground, fuel and airport facility services to airlines, airports, oil companies and industry partners in the commercial aviation sector. It safely delivers flexible and comprehensive service solutions including refuelling, fuel farm management, ground handling, aircraft technical support services, facilities equipment maintenance and de-icing, with considerable technical expertise at more than 80 airports in North America, Central America, Europe and Asia.

 

ASIG’s EBITDA for the twelve months to 31 December 2015 was $31.9 million and its underlying and statutory profit before tax were $20.3 million and $17.9 million respectively, while the value of the gross assets at 30 June 2016 was $255.6 million.

 

Financial effects of the transaction

 

Gross consideration of $202 million is anticipated to deliver approximately $160 million of net proceeds after tax, professional transaction fees, and other costs, which will be used to reduce Group borrowings. As part of the transaction, BBA Aviation will provide transitional services to Menzies for support services for a six month period following closing. After adjusting for costs of providing the transitional services, foreign exchange reserves write-off, and other charges, the transaction will realise a loss on disposal in the region of $15 million.

 

The Group will look to reduce the $20 million ongoing support costs previously allocated to ASIG by at least half during the 12 months following transition at a one-off cost of around $5 million.

 

Commenting on the announcement, Simon Pryce, BBA Aviation Group Chief Executive said:

 

“As part of our continuing emphasis on delivering long-term, sustainable value for shareholders, after receiving a number of approaches and going through a detailed process, we are pleased to announce the sale of ASIG to Menzies to create a focused and larger, broad based global supplier of commercial aviation services. This disposal further enhances BBA Aviation’s focus as a high quality, strongly cash generative market leader in the provision of business and general aviation and legacy support services.”

 

This announcement contains inside information.

 

Enquiries:

BBA Aviation plc

Mike Powell, Group Finance Director / Martha Walsh, Interim Head of Investor Relations

(020) 7514 3999

 

Tulchan Communications

David Allchurch / Doug Campbell

(020) 7353 4200

BBA Aviation Trading Statement and Acquisition

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BBA Aviation plc (“BBA Aviation”, “the Group”), a market-leading provider of global aviation support and aftermarket services, is pleased to announce a trading statement for the period from 1 January to 31 October 2016, and an acquisition by our Ontic business.

 

Trading Statement – Continuing operations

The Group’s trading and cash flow remains in-line with expectations, with revenue up 27% year-on-year, reflecting the contribution from the Landmark acquisition completed in February and good organic growth at Signature.

 

In Flight Support, the enlarged Signature revenues grew 56% and 4.1% on a like-for-like basis (constant currency, adjusting for lower fuel prices and before acquisitions). Signature continued to deliver good market outperformance and drop-through and Landmark is on track. North American B&GA flight movements remain modestly up, recording 0.6% growth in the year to end September (same period last year: 0.7%).

 

The integration of Landmark Aviation continues to progress well, with systems roll-out to new US FBO locations completed in September, ahead of schedule. The vast majority of actions required to achieve at least $35 million of annual cost savings are now complete. Signature development projects are also on track, and new Signature Select locations were added in Farmingdale, Long Island in September, and since 31 October, in Bogota, Columbia.

 

Aftermarket Services revenue was lower than the prior year period due to decline in ERO sales. Ontic, our legacy support business, continues to perform well, with increased activity materialising as expected in the second half of this year, and a good contribution from licenses acquired in 2015. Ontic continues to assess a pipeline of opportunities in relation to new products and license adoptions, signing a new agreement in the period, in addition to agreeing the acquisition detailed below. Conditions in ERO’s markets remain challenging and while organic revenues were down 10.7%, we did see a small improvement in ERO’s operating performance since the half year.

 

Trading Statement – Discontinued operations

In September, we announced the sale of ASIG, our commercial aviation services company, for $202 million. The transaction is subject to customary approvals and completion is expected around the end of 2016. ASIG, now classified as a discontinued operation, reported organic revenue growth of 1.0%, with continued good operational performance. This disposal further enhances BBA Aviation's focus as a high quality, strongly cash generative market leader in the provision of business and general aviation and maturing aerospace platform services.

 

Acquisition of part of GE Aviation’s avionics business

Ontic, BBA Aviation’s legacy support business, has reached agreement to acquire a portfolio of legacy avionics products (the “Business”) from GE Aviation, for a cash consideration of $61.5 million on a cash and debt free basis, paid from existing financial resources.

 

The Business comprises a portfolio of legacy avionics parts servicing the military and commercial aviation markets, including electro mechanical, barometric, gyroscopes and electronics products. Key platforms include Boeing 737, Sikorsky Sea King and Leonardo AW101 helicopters, Lockheed C130/J transports and BAE Hawk aircraft. The portfolio has a strong fit with Ontic’s existing business, and the acquisition is aligned to Ontic’s strategy to deliver continued profitable growth in mature avionics and electronics products with high intellectual property content. With significant experience of acquisitions including a similar business bought from GE Aviation in 2011, Ontic has proven processes to ensure the seamless integration of new product lines, which will be supported in this case by a transitional services agreement with GE Aviation.

 

The Business employs around 90 employees at its principal location adjacent to Ontic’s existing site in Cheltenham, UK, and has two further sites in Florida, US and Brisbane, Australia. The relevant work will relocate from the latter sites to Ontic’s locations in Chatsworth, US and Singapore respectively. The transaction is expected to complete early in the New Year, subject to the satisfaction of certain conditions.

 

Financial effects

In its first full year of ownership, the Business is expected to contribute approximately $7.5 million of operating profit after expected year one transition costs of approximately $1.6 million, and will exceed the Group’s ROIC hurdle. In addition to the $61.5 million capital needed to acquire the Business, we anticipate approximately a further $5 million of capital expenditure in the first year.

 

Simon Pryce, Group Chief Executive of BBA Aviation, said:

“Despite our primary markets only showing slow growth, the Group is performing as anticipated with continued outperformance from the enlarged Signature business and good margin drop through. The integration of Landmark has gone well, with synergies ahead of plan, and actions completed that will drive annualised synergies of at least $35 million in 2017. With the enlarged Signature business allowing us to extend our industry leading service and network management abilities to over 200 FBOs, we continue to see opportunities for continued market outperformance. Our Aftermarket division is performing as we expected with Ontic delivering the anticipated second half uptick in revenue and ERO showing signs of stability and small improvement despite tough markets.

 

“Today’s acquisition is a strategically significant deal for Ontic – a business that has grown significantly since the Group acquired it in 2006. Ontic is already the leading provider of high-quality, cost-effective solutions for the continuing support of maturing aerospace platforms and we look forward to expanding our product offering in legacy avionic parts.

 

“In a year of great transformation, the Group is on track to deliver good further progress in 2016.”

 

Enquiries:

BBA Aviation plc

Mike Powell, Group Finance Director / Martha Walsh, Interim Head of Investor Relations

(020) 7514 3999

 

Tulchan Communications

David Allchurch / Doug Campbell

(020) 7353 4200

 

Notes:

The value of the gross assets of the acquired portfolio is $18.8 million as at 30 June 2016. The profit attributable to the portfolio was $9.9 million in FY 2015, before the 2016 retirement of the UK’s Sikorsky Sea King fleet.

 


Update re disposal of ASIG to John Menzies plc

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BBA Aviation plc is pleased to acknowledge today's announcement from the Competition and Markets Authority in relation to the disposal of ASIG to John Menzies plc which, as anticipated, allows us to continue to work towards the successful completion of the transaction.

Completion of the acquisition of part of GE Aviation’s avionics business

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BBA Aviation plc, the market-leading provider of global aviation support and aftermarket services, announces that it has completed its acquisition of a portfolio of legacy avionics from GE Aviation.  The acquisition was announced on 8 November 2016.

The acquisition was made via Ontic, BBA Aviation's legacy support business.  The acquisition price, as previously announced, is $61.5 million on a cash and debt free basis, paid from existing financial resources.

BBA Aviation creates market-leading aircraft management and charter company with Gama Aviation

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BBA Aviation plc ("BBA Aviation", "the Group"), a market-leading provider of global aviation support and aftermarket services, is pleased to announce the merger of its aircraft management and charter business with Gama Aviation's US aircraft management business.

With around 200 airplanes under management, the combined entity, Gama Aviation Signature Aircraft Management, will be one of the world's largest aircraft management and charter businesses, supported by the exceptional and market-leading Signature Flight Support global FBO network, 10 million metres squared of hangars and an extensive fixed and mobile line maintenance, Aircraft on Ground and engine support capability.

Commenting on today's announcement, Simon Pryce, Chief Executive of BBA Aviation, said:

"This agreement marks another milestone for BBA Aviation, creating a leading charter and fleet management company, whose scale will benefit both the Group and our customers.  We look forward to working with our partners at Gama Aviation to develop and grow the company in the years ahead."

Marwan Khalek, Chief Executive of Gama Aviation Plc said:

"We are delighted to announce this exciting deal and to be teaming up with BBA Aviation in the US. The enlarged business creates a market leader and an unrivalled platform for growing our market share of this massive business aviation market.  This combination diversifies our customer base and extends our network coverage nationally whilst simpliflying the financial arrangement with our US partners."

Notes

BBA Aviation acquired its aircraft maintenance and charter services business through the acquisition of Landmark Aviation, completed in February 2016, and which was placed into a trust until a suitable majority partner could be found to satisfy the requirements of the US Department of Transportation's foreign ownership and control restrictions, which this transaction achieves.  While in trust, the aircraft management and charter services business has been accounted for as an associate via the equity method with cash flows arising recognised in form of dividends; the same treatment will apply following completion.

BBA Aviation and GAMA Aviation are combining their US aircraft management and charter businesses, which in the year ended 31st December 2015 delivered profit before tax of $5.5 million and $4.3 million respectively.  BBA Aviation and GAMA Aviation each have a 24.5% shareholding of the enlarged entity, reflecting the near equal contribution of current profits by each party, and will get additional economic benefit from common branding agreements. The remaining 51% equity interest is owned by a small number of US individual shareholders including the key operational management.

Completion of the disposal of ASIG to John Menzies plc

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Further to the announcements made on 16 September 2016 and 15 December 2016, BBA Aviation plc announces that it has completed the sale of ASIG to John Menzies plc for $202 million.

All the terms of the transaction remain as outlined in the announcement made on 16 September 2016.

Commenting on the transaction, Simon Pryce, BBA Aviation Group Chief Executive said:

"The divestment of ASIG to Menzies is part of our continuing emphasis on delivering long-term, sustainable value for shareholders and further enhances BBA Aviation's focus as a high quality, strongly cash generative market leader in the provision of business and general aviation and legacy support services."

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