Air Partner plc, the global aviation services group, has acquired the entire issued share capital of Redline Worldwide Limited, trading as Redline Assured Security (together “Redline”), a global aviation security solutions and training company.
The total consideration payable by Air Partner is up to £10.0 million, on a debt free, cash free basis, with an initial consideration of £8.0 million payable on completion and additional consideration of up to £2.0 million 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.
Established in 2006, Redline is a global leader in the delivery of government-standard security training and solutions to international airports, airlines and aviation sector-related companies, critical national infrastructure, stadia and event managers, and corporates. Redline is headquartered at the National Security Training Centre at Doncaster Sheffield Airport in the U.K. and employs approximately 100 staff. (£1.00 = US$1.32 at time of publication.)
