BBA Aviation PLC Disposal (5215T)
March 30 2016 - 4:19AM
UK Regulatory
TIDMBBA
RNS Number : 5215T
BBA Aviation PLC
30 March 2016
30 March 2016
BBA Aviation agrees disposal of six FBOs for $190 million
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 cash 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 entirety 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 completing 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."
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
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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