LONDON (Alliance News) - Aviation services company Air Partner PLC on Wednesday said it has secured a GBP6.0 million deal to acquire aviation safety consultant Baines Simmons Ltd.
Baines has more than 750 aviation organisations and 40 aviation authorities on its books and provides a range of safety consulting services, including focuses on aviation regulation, compliance and safety management performance.
Air Partner, which expects the deal to be earnings accretive in its first full year of ownership, said the acquisition will boost its service and product offering and will boost its existing broking business.
"The acquisition of Baines Simmons is an exciting step for Air Partner. We look forward to working with the team at Baines Simmons on a range of strategic and complimentary growth opportunities from new regulatory changes, busier skies, greater organisational complexities, geographic expansion and new performance products and services," said Mark Briffa, Air Partner's chief executive.
Investment bank Liberum said the Baines Simmons purchase looks to be a logical and accretive deal for Air Partner.
Liberum said the deal moves Air Partner into the high value-added aviation services segment and will add revenue streams for the company which should prove more stable than air charter broking, along with offering better margins and revenue visibility.
Air Partner shares were up 5.0% at 459.48 pence Wednesday morning.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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