Partner Article

Tunbridge Wells aircraft remarketing firm acquired in £1.2m deal

Air Partner, a provider of private aviation services to industry, commerce, governments and private individuals worldwide, has acquired Cabot Aviation, a Aircraft Remarketing broker, for a total consideration of up to £1.2m.

Headquartered in Tunbridge Wells, Cabot Aviation was founded in 1998 by Malcolm Holt and Tony Whitty and has worked with a broad section of major airlines and global financial clients.

Cabot Aviation has a sales presence in North America, Latin America, Russia & CIS, and Asia Pacific serving its global client base.

Cabot Aviation’s main business is acting as agent and broker to airlines (flag carriers and regional) and other aircraft owners, such as banks, operating lessors, manufacturers, insolvency practitioners and high net worth individuals, to dispose of their surplus aircraft, either by arranging a sale or lease of the aircraft.

Cabot Aviation also advises clients on the acquisition of aircraft and their fleet management process.

Air Partner’s existing Aircraft Remarketing operations are predominantly in the short-term wet lease market.

The acquisition of Cabot Aviation adds significant aircraft sales and dry lease expertise and knowledge; channels where Air Partner is currently experiencing demand from its existing client base.

For the year ending 31st March 2014, Cabot Aviation achieved pre-tax profit of £274k, on a turnover of £706k.

The consideration of up to £1.2m is to be satisfied by the payment of £600k paid in cash on completion and the issue of up to £600k in new ordinary shares in Air Partner plc deferred over the next 5 years.

Mark Briffa, chief executive of Air Partner, said: “I am delighted to welcome the Cabot Aviation team to Air Partner.

“Cabot Aviation has built a fantastic reputation in the industry for delivering the very best advice and services to its global clients. It is expected that the acquisition will be immediately earnings enhancing, significantly increasing our Aircraft Remarketing operations and bringing additional benefits to all of our clients.”

Malcolm Holt, chairman of Cabot Aviation, said: “Tony and I founded Cabot Aviation in 1998 and have enjoyed growing it into the successful international business it is today.

“We are extremely excited to be joining Air Partner, a group which shares our commitment to aviation expertise, international excellence and industry leading client service. We are now looking forward to building on our successes within the enlarged Air Partner group.”

This was posted in Bdaily's Members' News section by Ellen Forster .