Air Partner plc, a global aviation services group, has announced that it has acquired global aviation security solutions and training provider Redline Worldwide Ltd´s entire issued share capital, the company said.
The total consideration payable by Air Partner is up to GBP 10.0 million, on a debt free, cash free basis, with an initial consideration of GBP 8.0 million payable on completion and additional consideration of up to GBP 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 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.