1st Jul 2016 07:44
LONDON (Alliance News) - Aviation services provider Gama Aviation PLC on Friday said it has reached a deal to acquire FlyerTech Ltd and sister company Aerstream Ltd for up to GBP3.6 million.
Gama will pay an initial GBP3.0 million to acquire the two companies, both based at Gatwick Airport and which provide airworthiness management services, plus another GBP600,000 dependent on financial targets being met.
For the year to the end of May, the two companies made earnings before interest, taxation, depreciation and amortisation of GBP700,000 on revenue of GBP1.8 million.
Gama said the deal will boost the scale of its airworthiness management services and will allow to internalise airworthiness management services currently outsourced to third parties.
"This acquisition is an excellent strategic fit for the group and allows us to extend and enhance our airworthiness management product offering to our managed and external customers in this highly specialised segment," said Gama Chief Executive Marwan Khalek.
Gama shares were untraded Friday morning, having last traded at 168.10 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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