5th June 2000
ACQUISITION OF LYNTON AVIATION FOR $55 MILLION
BBA GROUP PLC BBA Aviation Acquisition of Lynton Aviation for $55 million BBA GROUP PLC announces that it has signed an agreement to purchase Lynton Group Inc for a consideration of US$55million (£36.5million), on a debt free cash free basis. The consideration is to be satisfied in cash out of BBA's existing resources. The transaction will be completed once regulatory approval is received.
Lynton is a provider of Fixed Based Operations (FBOs) and repair and overhaul services to the European and US business aviation market place. It has operations at Luton Airport, London City Airport, Blackbushe and Denham in the UK and Morristown, New Jersey in the USA. Lynton also operates an aircraft charter and management and aircraft sales business in the UK.
Lynton's Luton FBO has been the number one rated European FBO for over 15 years and is an important addition to the FBOs already owned by BBA at Paris, Zurich and Oxford Airports.
For the year ended 30 September 1999, Lynton generated audited turnover of US$65million (£43.1million).
BBA Group PLC has also completed the acquisition of Osprey Aviation for a consideration of £2.5million on a debt free cash free basis. Osprey Aviation operates out of Southampton Airport and is an FBO and maintenance service provider focusing on the business aviation market. For the year ended 31 December 1999, Osprey generated unaudited turnover of £5.4million.
Commenting on the acquisition, Roberto Quarta, BBA Group PLC Chief Executive, said:
"The acquisitions of Lynton and Osprey help to establish BBA Aviation as a leading player in the European business aviation market place. They are further evidence of our commitment to meet our customers' needs by developing a European network similar to the market leading position we have built up in the US.
BBA Aviation has an unrivalled position in the global business aviation services market, both in terms of the 'nose to tail' range of services and the size and geographic spread of the network. BBA now owns the top rated FBOs in both the US and Europe and provides a strong platform in which to continue to grow a high quality global business aviation services network".
Note: Amounts denominated in US Dollars have been converted using an exchange rate ruling at the close of business on 2 June 2000.
ENQUIRIES:
Roberto Quarta, Chief Executive, BBA Group PLC, 020 7842 4900
Roy McGlone, Finance Director
Susan Gilchrist/Nigel Prideaux, Brunswick, 020 7404 5959
2004 Preliminary Results Presentation, 23rd February 2005