Global aviation services group, Air Partner plc, has acquired Redline Worldwide Limited, a leading global aviation security solutions and training company.
The total consideration payable by Air Partner is up to £10m, on a debt free, cash free basis, with an initial consideration of £8m payable on completion and additional consideration of up to £2m payable over two years post completion.
The acquisition is expected to be earnings enhancing in its first full year of ownership. The consideration is being funded from the Company's existing cash and debt facilities and the issue of new ordinary shares to the operational management shareholders of Redline.
Redline is a world leader in its field, with proprietary software and e-Learning capabilities, offering significant growth opportunities and furthering the Group's relationships with airports, airlines, governments and corporates around the world. It is the UK’s only International Civil Aviation Organisation ("ICAO") Aviation Security Training Centre.
Air Partner CEO Mark Briffa commented: "Redline has a world class reputation in the aviation sector for delivering first class security training and solutions to an international customer base. I am delighted to welcome Paul, Redline's employees, associates and customers to the Air Partner Group. Redline is a significant milestone in the development of our new Safety & Security division. This acquisition further extends our services into aviation security, and combined with our existing aviation safety activities, enables us to deliver a compelling suite of aviation safety and security products and services, both physically and digitally, to a high-quality global customer base.
This acquisition is a further progression of Air Partner's long-term corporate strategy and the next step in the transformational journey we began in 2015. Our objective remains to improve both the quality and visibility of our group earnings over time, which we believe will be achieved by focusing on our customers and our people, while investing in products, services and office infrastructure as we manage the business for the long term."
Paul Mason, Founder and CEO of Redline Worldwide Limited, said: "The acquisition of Redline by Air Partner creates a unique and highly capable safety and security business that operates on the global stage, providing an exciting range of products and services to some of the world's most prominent businesses and organisations.
Assuring safety and security is the priority of all our customers, and it's a business purpose that both Air Partner and Redline share, making the combination both compelling and necessary. I am delighted that Redline will become 'Air Partner Assured Security' early in 2020 as we work to bring safety and security together into one combined function, able to provide the holistic solutions our customers need and the future will demand.
Established in 2006 by Paul Mason and Jim Termini, Redline provides government-standard training, quality assurance, and compliance security based solutions for Aviation, Critical National Infrastructure (CNI), Rail, Event and Corporate establishments, as well as other high risk businesses. Headquartered at the National Security Training Centre (NSTC) at Doncaster Sheffield Airport, the IS09001 company employs over 100 employees in offices in Doncaster, London and Paris.
BlueSky Business Aviation News | 19th December 2019 | Issue #538