Ranger's Total Backlog Hits Record High: $270 Million. CAV International Wins $115MM in Two Airfield Services Contracts
August 31, 2010
NEWS FOR IMMEDIATE RELEASE
GREENVILLE, SC. — August 31, 2010 — CAV International Inc., a US Government outsourcing contractor with expertise in airfield services & logistics, announces that it has been awarded two contracts from the United States Transportation Command (USTRANSCOM) and the United States Navy for services in Kuwait and Spain that total $115 Million Dollars over the next five years. CAV (pronounced as in "cavalry") is a subsidiary of Ranger International Services Group, a private equityconsolidator specialized in aerospace/defense services.
In late June, USTRANSCOM awarded CAV International a new multi-year contract for Air Terminal and Ground Handling Services at Abdullah al Mubarak Air Base on Kuwait International Airport, Kuwait. The annual contract value is $14,617,041, with a total contract value of $58,468,164 if all option years are exercised.
In late July, the US Navy awarded CAV International a new multi-year contract for Air Terminal and Ground Handling Services at Naval Station Rota, Spain. The annual contract value is $10,505,433, but total value assuming all option periods are exercised in the out-years will be $57,469,122.
These latest successes bring total contracted backlogs in Ranger International to $270 Million, an all-time high for the company. CAV and its sister company, US Logistics, have roughly equal levels of robust, growing backlogs.
CAV International, with head offices in Greenville SC, operates in the military outsourcing arena, and has an established reputation for quality, reliability, and cost-effectiveness in its performance for the US Government. The company maintains a lean cost model, and is able to offer its Government and Prime Contractor customers an absolute cost advantage and measurably superior quality metrics on a consistent basis. In 2009, CAV performed over 625,000 man-hours of quality-driven professional services, handled over 16,000 USAF airplanes across 19 time zones, processed over 848,000 in-transit military passengers, and managed over 140,000 tons of cargo.
Bill McLendon, Chief Operating Officer of CAV International, said: "Our focus on operational performance is the reason we are winning more contracts. In most scenarios, we are not the low bidder – it is the strength of our people that wins."
Ranger International Services Group, the parent company, is a privately held investment and management holding company that partners with larger private equity institutions to acquire and grow companies in aviation services and aerospace/defense support operations. Ranger and its co-investors add value to acquired companies via seasoned veterans experienced in an array of aerospace/defense operations, engineering, business services, TQM, marketing, and private equity. The Ranger headquarters office is in Greenville S.C.
Steve Townes, Ranger Aerospace founder and CEO of Ranger International Services Group, said: "Our outstanding people in operations stretching from Korea to Kuwait make all the difference. These record-high results and competitive victories are a direct reflection of their dedication and professionalism."
Forward Looking Statements: The Company from time to time may discuss forward-looking information. Except for factual historical information, all forward looking statements are estimates by the Company’s management and are subject to various risks and uncertainties that are beyond the Company’s control and may cause actual results to differ materially from management’s expectations.