13 May 2015 07:00
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 £1.2 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 31st March 2014, Cabot Aviation achieved profit before taxation of £274,000 on a turnover of £706,000. It had gross assets of £177,000 and net assets of £1,000. In the year ended 31st March 2015, Cabot Aviation achieved unaudited profit before taxation of £383,000.
The consideration of up to £1.2 million is to be satisfied by the payment of £600,000 paid in cash on completion and the issue of up to £600,000 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.