Last checked at 20 Oct 2022 10:36
20th October 2022
The information contained within this announcement is deemed to constitute inside information as stipulated under Article 7 of the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018.
Gama Aviation Plc (AIM: GMAA)("Gama Aviation" or the "Company" or "Group")
Gama Aviation Acquires Statesville Hangar Facility to Accelerate Jet East's Growth
Gama Aviation Plc, the global aviation services provider, has acquired through its wholly owned US subsidiary, Jet East, a maintenance, repair and overhaul ("MRO") hangar facility in Statesville, North Carolina, adding to its extensive coast-to coast maintenance network.
The c. 90,000 sq ft facility, comprising a c. 55,000 sq ft hangar plus c. 35,000 sq ft of workshops and offices has been acquired for a cash consideration of $3.5m. The Group is expected to invest a further $1.5m in equipping and standing up the facility with the investment being funded from the Group's existing cash resources and facilities.
Simultaneously, the Group has also secured a long-term ground lease from Statesville Airport for the site on which the hangar is located, allowing for the future growth of the facility.
This strategically important investment adds significant scale to Jet East's MRO network to deliver the Company's organic growth targets. The new facility will be focused on providing major maintenance inspections and aircraft system upgrades. It is expected to be operational in Q1 2023.
Stephen Maiden, President, Jet East, commented: "The five-year strategic growth plan for Jet East, required the further development of its MRO footprint. The Statesville site delivers a world class facility that offers us an excellent blend of space, capability, and scope for expansion in a location complementary to our network with a strong local pool of engineering talent. This new facility will allow us to further penetrate the business aviation MRO market and supplement the excellent relationships we have built through our existing network."
Marwan Khalek, Group CEO, Gama Aviation Plc, commented: "The acquisition of the hangar in Statesville demonstrates our commitment to, and focused growth strategy in, the US, the world's largest business aviation market. Once operational, the new facility will further diversify Jet East's service offering, increasing the resilience of its business model and driving growth; further enhancing shareholder value from our US operations".
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Gama Aviation Plc +44 (0) 1252 553 029Marwan Khalek, Chief Executive
Camarco +44 (0) 20 3757 4992
Ginny Pulbrook
Geoffrey Pelham-Lane
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James Joyce
Ben Good
Gama Aviation - Notes to Editors
Founded in 1983 with the simple purpose of providing aviation services that equip its customers with decisive advantage, Gama Aviation Plc (LSE AIM: GMAA) is a highly valued global partner to blue chip corporations, government agencies, healthcare trusts and private individuals.
The Group has three global divisions: Business Aviation (Aircraft Management, Charter, FBO & Maintenance), Special Mission (Air Ambulance & Rescue, National Security & Policing, Infrastructure & Survey, Energy & Offshore); and Technology & Outsourcing (Flight Operations, FBO, CAM software, Flight Planning, CAM & ARC services)
More details can be found at: http://www.gamaaviation.com/