- Ranger Aerospace Corp.
(“Ranger”), parent company of Aircraft Service International Group, Inc.
(“ASIG”), and Signature Flight Support Corporation (“Signature”), a
wholly-owned subsidiary of BBA Group plc (“BBA”) announced today that
the companies have entered into a definitive agreement under which Signature
will acquire Ranger stock for a total consideration of approximately $152
million including the assumption of its ASIG bonds and the repayment of its
debt. The transaction, which is subject to customary closing conditions, is
expected to close in the first quarter of 2001.
Steve Townes, President and CEO of ASIG and founder
of Ranger, said “This combination brings together two of the largest and
most respected names in the aviation services industry. Signature is the largest and best FBO chain in North America,
and ASIG is the highest quality-ranked airline services firm in North
America, with a significant and growing presence in Europe.
We are confident that our merged company will be advantageously
positioned to provide a full range of services to our customers, and
continue to benefit from the growing opportunity in the aircraft services
marketplace.”
Aircraft Service
International Group, headquartered in Fort Lauderdale, Florida, is one of
the largest and most experienced independent airfield service companies in
the world. Founded in 1947, ASIG provides a wide breadth of aviation
fuel services, fuel consortium management, aircraft ground handling and
passenger services, as well as a full range of other diversified airport and
aviation services at 54 airport locations throughout the United States,
Europe, and the Caribbean. Revenue
for fiscal 2000 (ended 3/31/00) totaled approximately $141 million.
BBA, headquartered in
London, is an international group of world-recognized brands that provide
services and technology solutions to world markets.
BBA Aviation is a world leader in Business Aviation Services through
its network of bases in major airports in the US, and increasingly the rest
of the world. BBA is also the
leading supplier to world’s hygiene and industrial markets.
In 1999, BBA had sales of £1.4 billion.
Signature Flight Support, headquartered in Orlando,
Florida, is the world's largest fixed base operator (FBO) and distribution
network for business and commercial aviation services with 50 facilities
throughout the United States, Mexico, Europe and the Far East.
Ranger Aerospace,
headquartered in Greenville, South Carolina, is a privately held investment
and management holding company with large financial institutions, venture
capital entities, and management as shareholders.
Ranger and its shareholders add value to acquired companies via
seasoned veterans who are experienced in aviation services, aerospace,
engineering, finance, MIS, marketing, total quality management, leveraged
buyouts, mergers & acquisitions, organizational development, post-merger
integration, and turnarounds.
