Ranger Aerospace Corporation to Sell Aircraft Service International Group to Signature Flight Support Corporation for Approximat
Ranger Aerospace Corporation to Sell Aircraft Service International Group to
Signature Flight Support Corporation for Approximately $152 Million
FORT LAUDERDALE, Fla., Nov. 15 /PRNewswire/ -- 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 U.S., 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 British Pound
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
For more information visit http://www.asig.com and
The Company from time to time may discuss forward-looking information.
Except for the historical information contained in this release, all forward-
looking information are estimates of the Company's management and are subject
to the various risks and uncertainties that are beyond the Company's control
and may cause results to differ from management expectations.
SOURCE Ranger Aerospace Corporation
Web Site: http://www.asig.com