Aviation Beauport to be sold

Aviation Beauport to be sold

It’s only a small proportion of the island that turn left at the airport roundabout when departing the Island (or before it coming from St Brelade!). For those that do and use the facility for private air travel at Aviation Beauport, today potentially marks a change and a new phase of growth at the facility as Gama Aviation plc announce a conditional acquisition of the company for a consideration of £2,600,000 in cash and the issue of 1,000,000 ordinary shares.

Gama Aviation plc, one of the world’s largest business aviation service providers, has today announced a conditional acquisition of Aviation Beauport Ltd. The conditional acquisition (subject to the approval of the Channel Island’s Competition Authority [CICRA]) of Aviation Beauport expands Gama Aviation’s managed fleet by four aircraft, brings light jets into its charter fleet and increases its property portfolio with the Island’s only FBO facility.

Since its inception in 1969, Aviation Beauport has firmly established itself as the only premier aircraft service provider in the Channel Islands. With Jersey’s recently established aircraft registry, its high density of high net worth local residents and aircraft owning businesses, the conditional acquisition is both a logical extension of Gama Aviation’s global Air and Ground network and represents excellent growth potential for its services.

Marwan Khalek, CEO of Gama Aviation Plc comments: “We are delighted with this conditional acquisition which we hope to complete on by the end of February 2016. It is an excellent strategic fit for the Group as Jersey and the Channel Islands are important economic centres and entirely complement our existing facilities in Hong Kong, Sharjah, Geneva, Teterboro, Chicago, West Palm Beach, Dallas, Las Vegas and those around the London area.”

“I am delighted to have Beauport become part of the Gama Aviation family. The industry is becoming dominated by fewer but larger players, and Gama Aviation are at the forefront of that expansion, and it seemed logical to work with one of the most respected and progressive players in the industry”.

Mike Bell, owner of Aviation Beauport

The acquisition comprises a consideration of £2,600,000 in cash and the issue of 1,000,000 ordinary shares, which based on Gama’s closing share price on 7 January 2016, gives a total consideration of £5,325,000. On completion, the purchase of Beauport will include fixed assets comprising property with a book value of approximately £2,000,000 and a net current asset neutral position including cash of approximately £650,000. The deal brings light jets into Gama Aviation’s charter fleet and increases its property portfolio with the island’s only FBO (fixed base operator) facility

In the twelve months to 31 December 2015, Beauport is expected to achieve a turnover of approximately £6,000,000 and generate an EBITDA not less than £725,000. The Board expects the acquisition to be earnings enhancing in the first year. Gama Aviation has also agreed a £10,000,000 credit line in the form of a revolving credit facility for £8,000,000 and an additional overdraft facility of £2,000,000 from its principal bankers, RBS. This facility will be used to fund the cash consideration of the acquisition of Beauport and will also provide further expansion capital.

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