Signature Flight Support acquires three new locations
BBA Aviation plc today announces that Signature Flight Support ("Signature") has recently acquired the assets of Azalea Aviation in Mobile, Alabama for an initial consideration of $22.0m with further payments of up to $5.3m over a 5 year period. Signature has also acquired 95% of Arrindell Aviation Services in St Maarten, Caribbean for a cash consideration of $7.8m.
Azalea Aviation incorporates two sole source Fixed Base Operations ("FBOs"), the Mobile Air Center at the Mobile Regional Airport and the Downtown Air Center at the Mobile Downtown Airport with long lease terms of over 26 and 30 years respectively. This acquisition extends the Signature network into a key and growing business and general aviation location.
Arrindell Aviation Services provides commercial and business and general aviation services at St. Maarten's Princess Juliana International Airport, with a 15 year remaining lease term. Princess Juliana International Airport is the second busiest airport in the Northeastern Caribbean. Following the acquisition of Tropical Aviation in Puerto Rico in July 2011, this represents an important extension of Signature's presence in key resort destinations in the Caribbean.
These acquisitions are in line with the Group's growth strategy and bring the total number of North American FBOs to 65 and globally to 111.
Simon Pryce, Group Chief Executive, commented:"The addition of these new locations represents another meaningful step in Signature Flight Support's expansion, and further strengthens our position as the leading North American and global FBO network. We are pleased to welcome these new businesses and their employees to the Group. We remain focused on taking advantage of the consolidation opportunities in the fragmented FBO market as part of the Group's broader growth strategy."