Gama Aviation reports conditional acquisition of Aviation Beauport Limited

Gama Aviation, one of the world’s largest business aviation service providers, announced the conditional acquisition of Aviation Beauport Limited; a privately owned Jersey based business offering a range of business aviation services. The acquisition of Beauport is conditional upon approval from the Jersey Competition Authority which is expected to complete by the end of February 2016. 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. In the twelve months to 31st 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.