16th July 2002
BBA GROUP PLC ANNOUNCES $17M ACQUISITION
TOTAL $52.6M IN ACQUISITIONS THIS MONTH
BBA Group PLC today announces the acquisition of Air Kaman, a fixed base operation ("FBO") servicing aircraft at Jacksonville International Airport, Florida, for $17m (£11m). This is the fourth acquisition BBA has made in its Aviation Services division this month. It has spent a total of $52.6m on the acquisitions.
The transaction is expected to be earnings enhancing in the first full year and is on a debt free basis.
Jacksonville is one of the fastest growing business centres in the south East of America and one of the 50 largest metropolitan cities by population in the US.
As part of the acquisition, Signature will acquire eight aircraft hangars, over 180,000 square feet of aircraft storage space and 60,000 square feet of office space. In addition, Signature intends to retain the 65 staff members already working at the FBO.
Commenting on the acquisition, Roy McGlone, BBA Chief Executive, said:
"This acquisition at Jacksonville International Airport further cements our strategy to build a network of Signature FBO's in the core metropolitan markets in the US where there is potential for steady growth and high margins."
Enquiries
Roy McGlone, Group Chief Executive, BBA Group PLC, 020 7842 4900
Andrew Wood, Group Finance Director
Mike Smith /Catherine Bertwistle, Brunswick Group, 020 7404 5959
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