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Acquisition

20th Oct 2014 09:00

RNS Number : 7287U
BBA Aviation PLC
20 October 2014
 



20th October 2014

 

 

BBA Aviation agrees to acquire Wiggins Airways FBO at

Manchester-Boston Regional Airport

 

BBA Aviation plc, the leading global aviation support and aftermarket services provider announces that its Signature Flight Support business ("Signature") has agreed to acquire the FBO assets of Wiggins Airways, Inc. from Ameriflight, LLC at Manchester-Boston Regional Airport in New Hampshire for a cash consideration of $16.2m on a cash and debt free basis. The acquisition is subject to customary approvals and is expected to complete by the end of 2014.

The addition of this sole source location extends Signature's existing network in the New England area serving both the Boston market and the nearby resort locations. The FBO has a 19 year residual lease term and consists of a passenger terminal and three hangars totaling 87,000 sq. ft. as well as its own fuel farms. The newly acquired assets will be branded Signature Flight Support and will operate as part of the Signature Flight Support network. In addition to its FBO services the facility also provides fuelling, deicing and other related services to commercial airlines at the airport.

The acquisition is expected to be earnings enhancing in the first full year of ownership and meet BBA Aviation's return targets by year three.

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

 "The acquisition of the Wiggins Airways FBO is another example of Signature's disciplined execution of its growth strategy. Wiggins Airways is an attractively located FBO and further enhances the Signature network with the addition of a new location in this key business and general aviation region. This acquisition allows Signature to extend its industry leading FBO services to Wiggins Airways' existing customers and to introduce them to the benefits of the Signature network."

 

Enquiries:

BBA Aviation plc

Jemma Spalton, Head of Communications & Investor Relations

020 7514 3999

 

Tulchan

David Allchurch / Christian Cowley

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 refuelling and ground handling, to the owners and operators of private, business, military and commercial aircraft. BBA Aviation's Aftermarket Services businesses (Dallas Airmotive, 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

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
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