BBA Aviation agrees terms to acquire Landmark Aviation
Landmark Aviation
BBA Aviation has agreed to acquire Landmark Aviation from The Carlyle Group for $2.065 billion.
Landmark Aviation operates a global network of Fixed Base Operations (FBOs), Aircraft Maintenance and Aircraft Management, as well as a Charter businesses.
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The transaction is subject to regulatory and shareholder approvals and is expected to close in early 2016.
Landmark has 68 FBOs that are complementary to Signature’s existing network of 133 wholly owned and affiliate global locations. Landmark’s aircraft maintenance locations will also supplement Signature’s existing MRO operations delivered through its Signature TECHNICAir and CSE Citation Centre brands.
“This is a transformational step in the continued execution of BBA Aviation’s strategy that is both strategically and financially compelling.”
Simon Pryce, chief executive of BBA Aviation said: “This is a transformational step in the continued execution of BBA Aviation’s strategy that is both strategically and financially compelling. It represents a unique opportunity to materially expand our global Signature FBO business and deepen our exposure to the attractive B&GA market with its structural growth drivers.
The acquisition would enable customers to benefit from an extension of Signature’s industry-leading service offering and its operational excellence across a much larger network of high quality locations. Combining Signature and Landmark Aviation also would realise significant cost synergies as well substantial tax benefits.
More broadly, the acquisition increases BBA Aviation’s focus on the provision of value-added services to B&GA users and enhances the Group’s prospects for cash generation and value creation through effective integration, continued strategy execution and active portfolio management.”
“We are delighted that BBA Aviation has agreed to this proposed acquisition of Landmark. This is a strategic fit for the Signature network.”
Maria Sastre, president and chief operating officer of Signature said: “We are delighted that BBA Aviation has agreed to this proposed acquisition of Landmark. This is a strategic fit for the Signature network. It will significantly expand our reach within North America as well as globally. It will also enhance Signature’s customer value proposition and materially increase the relevance of our network for our customers. Once completed, Signature will be able to offer its world-class customer experience and loyalty programs across a much broader network of leading B&GA locations. We believe this transaction to be one of the most significant acquisitions in the business and general aviation industry. We look forward to welcoming the Landmark team to the Signature family once the transaction is approved and closed.”
“We are very appreciative of the strong relationships we have developed over the years with airport sponsors, customers, and vendors. “
Dan Bucaro, president and chief executive officer of Landmark added: “We are very appreciative of the strong relationships we have developed over the years with airport sponsors, customers, and vendors. We are confident that the success we have achieved at Landmark will carry forward under BBA Aviation’s ownership. We especially would like to thank our team at The Carlyle Group for its exceptional support.”
Adam Palmer, Carlyle managing director and head of the Global Aerospace, Defense and Government Services team said: “We are extremely grateful to Dan and the entire Landmark team for their strong partnership, during which they worked tirelessly to create one of the world’s premier FBO networks and largest managed aircraft fleets. We are proud of the company’s tremendous growth under our ownership and the high level of service provided to its customers.”
Landmark’s aircraft management and charter fleet numbers over 110 aircraft.
