TIDMAIP
RNS Number : 9818M
Air Partner PLC
13 May 2015
13 May 2015
London Gatwick, UK
Air Partner plc
("Air Partner" or "the Group")
Acquisition of Cabot Aviation Services Limited
("Cabot Aviation")
Combined Aircraft Remarketing operations create a leading global
business
under the Cabot Aviation brand
Air Partner, a leading provider of private aviation services to
industry, commerce, governments and private individuals worldwide,
is pleased to announce the acquisition of Cabot Aviation, a leading
global Aircraft Remarketing broker for a total consideration of up
to GBP1.2 million.
It is expected that the acquisition will be earnings enhancing
in the year to 31 January 2016.
Cabot Aviation was founded in 1998 by Malcolm Holt and Tony
Whitty and has grown to become one of the leading specialist
Aircraft Remarketing brokers in the world, with a broad section of
major airlines and global financial clients. Headquartered in
Tunbridge Wells, United Kingdom, Cabot Aviation has a sales
presence in North America, Latin America, Russia & CIS, and
Asia Pacific serving its global client base.
Cabot Aviation's main business is acting as agent and broker to
airlines (flag carriers and regional) and other aircraft owners,
such as banks, operating lessors, manufacturers, insolvency
practitioners and high net worth Individuals, to dispose of their
surplus aircraft, either by arranging a sale or lease of the
aircraft. Cabot Aviation also advises clients on the acquisition of
aircraft and their fleet management process.
Air Partner's existing Aircraft Remarketing operations are
predominantly in the short-term wet lease market. The acquisition
of Cabot Aviation adds significant aircraft sales and dry lease
expertise and knowledge; channels where Air Partner is currently
experiencing demand from its existing client base.
The vendors of Cabot Aviation, Malcolm Holt (Chairman) and Tony
Whitty (Chief Executive), will lead the new Aircraft Remarketing
subsidiary, which will continue to trade as Cabot Aviation, and
will be responsible for all Aircraft Remarketing globally within
the Group. The enlarged Cabot Aviation, powered by Air Partner,
will be able to leverage the Air Partner global office
infrastructure and supplier network to deliver even greater service
breadth and depth to clients.
Cabot Aviation results will be included within Air Partner's
Commercial Jets division for the foreseeable future.
In its filed accounts for the year ended 31(st) March 2014,
Cabot Aviation achieved profit before taxation of GBP274,000 on a
turnover of GBP706,000. It had gross assets of GBP177,000 and net
assets of GBP1,000. In the year ended 31(st) March 2015, Cabot
Aviation achieved unaudited profit before taxation of
GBP383,000.
The consideration of up to GBP1.2 million is to be satisfied by
the payment of GBP600,000 paid in cash on completion and the issue
of up to GBP600,000 in new ordinary shares in Air Partner plc
deferred over the next 5 years.
Mark Briffa, Chief Executive of Air Partner, said: "I am
delighted to welcome the Cabot Aviation team to Air Partner. Cabot
Aviation has built a fantastic reputation in the industry for
delivering the very best advice and services to its global clients.
It is expected that the acquisition will be immediately earnings
enhancing, significantly increasing our Aircraft Remarketing
operations and bringing additional benefits to all of our
clients."
Malcolm Holt, Chairman of Cabot Aviation, said: "Tony and I
founded Cabot Aviation in 1998 and have enjoyed growing it into the
successful international business it is today. We are extremely
excited to be joining Air Partner, a group which shares our
commitment to aviation expertise, international excellence and
industry leading client service. We are now looking forward to
building on our successes within the enlarged Air Partner
group."
Tony Whitty, CEO of Cabot Aviation, said: "While we have built a
significant business over the last 17 years and are grateful for
the support we have received from clients, we are now excited about
the next leg of our journey. Joining the Air Partner group will
enable us to enhance the services we offer our existing clients,
while providing Air Partner's client base with deeper remarketing
capabilities and additional aviation services. We very much look
forward to continuing to partner with and support our existing and
new clients."
ENDS
Enquiries:
Air Partner 01293 844788
Mark Briffa, CEO
Justin Scarborough, Director of Corporate Development and IR
Temple Bar Advisory (Financial PR advisor) 020 7002 1080
Tom Allison (07789 998020)
Ed Orlebar
Alycia MacAskill
About Air Partner:
Air Partner is an international provider of aviation services to
industry, commerce, governments and individuals worldwide. The
company has earned global recognition as a leading aircraft charter
broker and organises ad hoc charters of aircraft of every size for
any reason. Its three main divisions, supported by a host of
support teams, comprise Air Partner Private Jet Broking, Air
Partner Commercial Jet Broking and Air Partner Freight Broking.
Private Jet Broking offers ad hoc charter and the company's unique
pre-paid JetCard scheme. The Commercial Jet Broking division
charters large airliners with 20 to 500 seats for groups of every
size. Air Partner Freight Broking charters aircraft of every size
to fly any cargo anywhere, at any time. With its headquarters in
the UK, the Group was formed in 1961 and is fully listed on the
London Stock Exchange. www.airpartner.com
About Cabot Aviation Limited:
Cabot Aviation is an international Aircraft Remarketing company,
co-founded in 1998 by Malcolm Holt (Chairman) and Tony Whitty
(CEO). Headquartered in the United Kingdom, with a sales presence
in North America, South America, Russian & CIS, and Asia
Pacific, the team at Cabot Aviation averages 15-20 years aviation
experience. Cabot Aviation acts as an exclusive agent for major
airlines and financial institutions, including: Cyprus Airways, GMG
Airlines, SonAir, British Midland, BWIA, Cargolux, Martinair,
Daimler-Chrysler, KLM, DVB Bank, HKAC, Halifax Bank of Scotland and
Rolls-Royce Aircraft Management. www.cabotaviation.com
Malcolm Holt MBA, FCA
Malcolm co-founded Cabot Aviation in 1998, having experienced
many years in aircraft trading and leasing. As Chairman of Cabot
Aviation he has been involved in a wide variety of aircraft leases,
purchase and sales and financings. His early career was as a
Chartered Accountant with Ernst and Young and following an MBA at
Cranfield in 1977, he moved into financial and commercial
management, eventually entering the aviation industry.
Tony Whitty
Tony co-founded Cabot Aviation in 1998 having graduated from
Brighton University in 1988 with an Honours degree in Business
Studies. He commenced his career in aircraft marketing in 1990. He
has been based in Europe and the USA and has achieved considerable
success in aircraft marketing, acting for a variety of airline and
financial clients. His experience includes success in many
different wide- and narrow-bodied jet and regional and commuter
turbo-prop aircraft types. Tony is a committee member of the
Aviation Club of the UK and a board member of the ERA.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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