11th July 2001
BBA GROUP PLC Acquisition of ASIG for $137.9 million
BBA Group PLC becomes one of the largest providers of commercial aviation services in the world following the completion yesterday of its acquisition of Aircraft Service International Group ("ASIG") for $137.9 million on a debt free basis.
ASIG has operated for over 50 years as one of the largest and most highly regarded independent airfield services companies in the world.
It provides ground handling and fuelling along with a wide range of related aircraft and passenger services through its network of operations in North America, Europe and the Caribbean.
The acquisition represents a further broadening of BBA Aviation's range of services as well as the geographic expansion of BBA's network of bases in both the US and Europe.
Following the acquisition, BBA Aviation will own a unique portfolio of businesses in the Aviation services sector. Signature Flight Support, which will continue to operate under the same brand, is the market leader in Flight Support for the Business Aviation market with facilities at 50 airports throughout the US, Europe and Asia. Dallas Airmotive is the leading independent repair and overhaul provider of corporate and regional aircraft engines.
BBA Aviation's commercial airline activities will in future operate under the ASIG brand. The enlarged ASIG will have more than $300 million in annual sales.
ASIG will operate at 93 airports globally, handle approximately 2 million commercial airline flights and dispense over 6.5 billion gallons of into plane fuel annually.
For the year ended 31 March 2001, ASIG generated unaudited revenues and operating profit before depreciation, amortisation and non-recurring costs of $162million and $14.7million respectively. The acquisition is expected to be earnings enhancing before one-off costs in the first full year.
Commenting on the acquisition, Roy McGlone, BBA Group PLC Chief Executive, said:
"ASIG is a transforming deal for BBA Aviation Services - in one step we have become a market leader in commercial aviation services. The acquisition fits BBA's strategy of consolidating quality, like-minded aviation service companies that have established leading positions in the markets they serve. It enhances our growing position in the commercial market and builds on our global market leadership in business aviation services.
The acquisition provides BBA Aviation with additional services, capacity and, most importantly, the key airport locations necessary to continue to grow the business."
ENQUIRIES:
Roy McGlone, Chief Executive, BBA Group PLC, 020 7842 4900
Andrew Wood, Finance Director
Susan Gilchrist/Nigel Prideaux, Brunswick, 020 7404 5959
2004 Preliminary Results Presentation, 23rd February 2005