15th May 2003
BBA GROUP PLC ANNOUNCES ACQUISITION OF MIDCOAST AVIATION FBO AT ST. LOUIS
BBA Group PLC today announces that its wholly owned subsidiary Signature Flight Support has reached an agreement to acquire the Midcoast Aviation Fixed Base Operation at St. Louis Lambert International Airport (STL). It is paying Sabreliner Corporation a total consideration of $9.5 million (£5.9m).
Closing is subject to local airport and government approval and assignment of airport leases.
The acquisition is expected to be earnings enhancing in its first full year.
St. Louis' Lambert International Airport is amongst the top 10 US hub airports and 19th in world rankings according to industry statistics for 2002.
BBA is the world's largest operator of Fixed Base Operations servicing business aircraft.
Commenting on the agreement, Roy McGlone, BBA Group Chief Executive said: "The addition of the FBO at St. Louis further demonstrates BBA's commitment to growing the Signature Flight Support network at top airports. The acquisition is part of our strategy of developing our servicing capabilities in core metropolitan markets."
Note: amounts denominated in US dollars have been converted using an exchange rate of £1:US$1.62, the rate ruling at the close of business on 14 May 2003.
ENQUIRIES:
Roy McGlone, Deputy Chief Executive, BBA Group PLC, 020 7514 3999
Andrew Wood, Group Finance Director, Brunswick, 020 7404 5959
Mike Smith, Brunswick, 020 7404 5959
2003 Interims Results Presentation, 2nd September 2003