24th Jul 2008 17:25
24 July 2008
ACQUISITION OF HAWKER BEECHCRAFT'S LINE SERVICE OPERATIONS
Further to its announcement on 22 February 2008 of its agreement to acquire Hawker Beechcraft Services Inc's Line Services Operations, BBA Aviation today announces that it has completed the purchase of six of the seven bases comprised within those operations. Closing of the seventh base at Van Nuys is expected to follow in the next few weeks. As expected, in order to obtain US Department of Justice consent to the transaction, BBA Aviation has agreed to sell either its or Hawker Beechcraft's operations at Indianapolis International Airport.
Enquiries:
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BBA Aviation plc
Andrew Wood, Finance Director
020 7514 3950
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Brunswick Group LLP
Simon Sporborg / Victoria Pease
020 7404 5959
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Notes to Editors
The consideration for the transaction was $128.5M on a debt and cash free basis. The acquisition consists of seven geographically diverse Fixed Base Operations (FBOs) in strategically important growth markets in the US at Van Nuys, California, Tampa, Florida, Houston, Texas, San Antonio, Texas, Indianapolis, Indiana, Atlanta, Georgia and Wichita, Kansas. The sites have an average lease term of 15 years. Hawker Beechcraft is retaining its factory-owned Hawker Beechcraft Services maintenance and customer support facilities co-located at these locations. Hawker Beechcraft's operations in Little Rock, Arkansas, Chester, England, UK and Toluca, Mexico are not affected.
BBA Aviation
BBA Aviation is a world leader in aviation services focusing on Aviation Flight Support and Aftermarket Services and Systems. BBA Aviation provides flight support services for corporate and commercial aviation customers as well as maintenance, repair, overhaul and spare parts for aircraft engines. It also supplies aviation components, landing gear and hydraulic systems. These are attractive niches in a $250 billion market with clear barriers to entry, where BBA Aviation has leading positions, well-known and reputable brands and a proven track record of organic and acquisition-led growth.
BBA Aviation was formerly part of BBA Group, but following the demerger of Fiberweb, in November 2006 it became a stand-alone aviation services business.
Hawker Beechcraft
Hawker Beechcraft Corporation is a world-leading manufacturer of business, special-mission and trainer aircraft - designing, marketing and supporting aviation products and services for businesses, governments and individuals worldwide. The company's headquarters and major facilities are located in Wichita, Kan., with operations in Salina, Kan.; Little Rock, Ark.; and Chester, England, U.K. The company has a global network of over 100 factory-owned and authorized service centers. For more information, visit www.hawkerbeechcraft.com.
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