Jardine Lloyd Thompson Group PLC Acquisition (0900Z)
December 08 2014 - 03:54AM
UK Regulatory
TIDMJLT
RNS Number : 0900Z
Jardine Lloyd Thompson Group PLC
08 December 2014
Press Release
JARDINE LLOYD THOMPSON GROUP PLC AGREES TO ACQUIRE HAYWARD
AVIATION FROM TOWERGATE
8th December 2014, London: Jardine Lloyd Thompson Group plc
("JLT"), one of the world's leading providers of insurance,
reinsurance and employee benefits related advice, brokerage and
associated services, has today announced that it has agreed to
acquire Hayward Aviation Limited ("Hayward Aviation") from
Towergate Insurance Ltd ("Towergate") for a cash consideration of
GBP27m.
Hayward Aviation is a leading international specialist aviation
insurance broker that arranges insurance for regional airlines,
small commercial fleets of fixed wing aircraft and helicopters,
individual jets, light aircraft and helicopters owned by private
clients. For the year ended 31 December 2013, the business
generated revenues of GBP10 million and profit before tax of GBP3
million. The acquisition will be financed from JLT's cash resources
and debt, and is expected to be earnings accretive in the first
full year following completion.
Aviation is a core specialty for JLT, which has established
leading positions in the airline and space markets in the last few
years. This acquisition accelerates JLT's strategy of leveraging
this success into adjacent parts of the Aerospace market, by
significantly enhancing the brand, scale and capability of our
General Aviation activities, where we have a growing business.
There is also an opportunity to enhance Hayward Aviation's
client offering and take its distinctive brand, know-how and client
proposition into new international markets, where demand for
private jets, light commercial aircraft and helicopters continues
to grow in line with underlying demographic and macro-economic
trends.
Commenting on the transaction, Dominic Burke, Group Chief
Executive of JLT, said: "This acquisition provides a unique
opportunity to bring together one of the best General Aviation
brokers in the world with JLT's market-leading Aerospace
capabilities and international network to create a strong platform
for growth in one of our core areas of specialisation. We have long
admired Hayward Aviation and are delighted to welcome the team and
their clients to JLT."
Guy Holland-Bosworth, Chief Executive of Hayward Aviation, said:
"JLT offers our clients and our people a fantastic opportunity to
join a company that shares our specialty-focused strategy and our
client-first and entrepreneurial culture. As part of JLT, we are
now able to fulfil our ambition of building a truly global General
Aviation business."
The acquisition is subject to regulatory approvals and other
formalities and is expected to complete in early 2015. Integration
of the business will take place in 2015 and the Hayward Aviation
brand will be retained.
ENDS
Contacts
JLT Group
Dominic Burke
Group CEO
+44 20 7309 8145
Paul Dransfield
Head of Group Corporate Communications
+44 20 7528 4933
Brunswick Group
Tom Burns/Dania Saidam
+44 20 7404 5959
Notes to Editors
About Jardine Lloyd Thompson Group plc
Jardine Lloyd Thompson is one of the world's leading providers
of insurance, reinsurance and employee benefits related advice,
brokerage and associated services. JLT's client proposition is
built upon its deep specialist knowledge, client advocacy, tailored
advice and service excellence.
JLT is quoted on the London Stock Exchange and owns offices in
40 territories with more than 9,500 employees. Supported by the JLT
International Network, it offers risk management and employee
benefit solutions in 135 countries.
http://www.jltgroup.com/
About Hayward Aviation Limited
Hayward Aviation Limited is a leading international specialist
aviation insurance broker, based in the UK, supporting clients in
over 70 countries around the world. It was formed in November 1992
to meet the specialist insurance needs of corporate and private
aviation and helicopter owners and operators in the UK.
Over time the company has expanded its scope of expertise to
include the broadest cross section of the dynamic and demanding
Business Aviation market internationally, employing approximately
80 staff it provides aviation and related non-aviation insurance
broking services to clients across the world.
This announcement may contain "forward looking statements"
regarding the financial position, business strategy or plans for
future operations of the Group. By their nature, forward looking
statements involve risk and uncertainty, relating to facts that are
beyond the company's ability to control, such as future market
conditions. Any such statements in this announcement speak only as
at the date of this announcement. The company does not assume any
obligation to, and does not intend to, revise or update these
forward looking statements except as required pursuant to
applicable law
This information is provided by RNS
The company news service from the London Stock Exchange
END
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