- Ranger Aerospace Corporation announced today its
acquisition of Aircraft Service International Group (ASIG) from VIAD Corporation ( please
see www.asig.com for more background). Ranger and other potential buyers had been
vying for ASIG's purchase since mid-1997. Ranger paid all cash for ASIG, but the exact
terms of the transaction will not be disclosed at this time by either party.
Steve Townes, CEO of Ranger said, "We intend to use ASIG as the centerpiece business
for our aggressive consolidation strategy in commercial airfield services. ASIG's high
quality reputation and consistent performance fit perfectly with our investment objectives."
ASIG has operated for over 50 years as one of the largest independent airfield services
companies in the world. ASIG has substantial ground handling and fueling operations in 35
major airports in North America and Europe. ASIG employs over 3,000 aviation service
professionals, and is headquartered in Florida.
Ranger Aerospace Corporation is an investment and management company with large
financial institutions, a major insurance company, and venture capital entities as majority
shareholders, along with management co-owners. Ranger seeks to add value in its
acquisitions through total quality programs, workforce initiatives, capital re-investments,
energized leadership, and new operating efficiencies. Ranger's management team of
Principals and Officers are seasoned veterans who take a sleeves-up approach toward
working inside investee companies, applying their experiences in aviation, aerospace,
engineering, finance, post-merger integrations, leveraged buyouts, turnarounds, and
organizational assessment and re-development to improve operating performance. Ranger's
mission is to build the largest quality leading company of its type in the commercial airfield
services industry worldwide, generating superior return to its shareholders and superior
service to each of its subsidiaries' customers.