26th Apr 2007 11:30
BBA Aviation PLC26 April 2007 BBA Aviation acquires Executive Beechcraft, Inc BBA Aviation today announces that it has reached a definitive agreement toacquire 100% of the capital stock of Executive Beechcraft, Inc (EB). Theacquisition includes the operations of four full-service FBOs and encompassestheir associated maintenance services and charter/management businesses as wellas aircraft sales activities and all aircraft inventory. In the year ended 31December 2006, Executive Beechcraft had sales of $63M and gross assets of $33M. Executive Beechcraft was founded in 1938 by Dan Meisinger, Sr. and is currentlyowned by members of the Meisinger family. Executive Beechcraft is among theindustry's oldest continuously operated general aviation sales and serviceorganisations. BBA Aviation intends that the business will continue to operateas Executive Beechcraft, providing the same portfolio of products and servicesthat the Company's customers and represented OEMs have come to rely upon. With its flagship facility at Kansas City Downtown Airport (MKC), the Companyhas grown to include four full service FBOs, encompassing aircraft sales andservice locations. Along with MKC, these are located at Kansas CityInternational Airport (MCI); New Century Air Center (IXD) and Spirit of St.Louis Airport (SUS). In addition to providing a full range of FBO services and available hangarstorage, Executive Beechcraft is an authorised independent dealer and servicecentre for Hawker Beechcraft (formerly Raytheon Aircraft Company) for piston,King Air and Hawker 400 series aircraft. The Company also serves as anauthorised sales and service centre for both Cirrus Design and Mooney AircraftCompany. Both Kansas City and St Louis are fast growing metropolitan areas, classified inthe US Top 50, and are home to a number of major company headquarters and largemanufacturing plants. Both are seeing strong growth in demand for businessaviation. In Kansas, EB is currently the sole provider of FBO services at bothMKC and MCI and is the market leader at IXD. At Spirit Airport in St. Louis, EBalso has a strong market position and, at each location, benefits from longlease terms. Closing of the deal is expected to occur by June 30, 2007. Commenting on the transaction Michael Harper, Executive Chairman of BBA Aviationsaid, "I am very pleased to announce the acquisition of Executive Beechcraft, Incwhich demonstrates the quality of the opportunities available in the fastgrowing business aviation market. "Executive Beechcraft is a well-established, quality brand with an excellent mixof locations, products and services that will ideally complement BBA Aviation'sstrong flight support network as well as provide a platform for continuedacquisition and expansion into new markets and services. Given its lease termsand solid financial performance we believe this acquisition will provide longterm revenue streams and profitable opportunities for many years to come." Enquiries:BBA Aviation plcMichael Harper - Executive ChairmanAndrew Wood - Finance Director020 7514 3999 Brunswick Group LLPLucie Anne Brailsford / Jemma Hill020 7404 5959 Notes to Editors BBA Aviation BBA Aviation is a world leader in aviation services focusing on Aviation FlightSupport and Aftermarket Services and Systems. BBA Aviation provides flightsupport services for corporate and commercial aviation customers as well asmaintenance, repair, overhaul and spare parts for aircraft engines. It alsosupplies aviation components, landing gear and hydraulic systems. These areattractive niches in a $250 billion market with clear barriers to entry, whereBBA has leading positions, well-known and reputable brands and a proven trackrecord of organic and acquisition-led growth. BBA Aviation was formerly part of BBA Group, but following the demerger ofFiberweb, in November 2006 it became a stand-alone aviation services business. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
SIG.L