
Signature Aviation About To Be Sold In $4.6B Cash Bid
The world's largest FBO chain has struck a deal with Global Infrastructure Partners.
Signature Aviation, which operates Signature Flight Support, the world’s largest FBO chain, could soon be under new ownership. The UK-based company has accepted a cash deal worth more than $4.63 billion from Global Infrastructure Partners (GIP). This comes as a bidding war involving other investment firms such as the Carlyle Group, which previously owned the former Landmark Aviation FBO chain, has begun to heat up.
However, Signature announced to shareholders that its board of directors has reached an agreement with GIP, which had improved on the amount of a previously issued bid, on the terms of a recommended cash acquisition. GIP manages $71 billion in assets and the Signature purchase will be handled under Bidco, a recently established Delaware limited-liability company. Included are the FBO chain and its Epic Fuels subsidiary, as well as the company's engine repair business that it has been attempting to unload. "Signature has identified the engine repair and overhaul business as non-core and has an ongoing process to pursue the divestment of this business," the company said. "Bidco is supportive of this initiative."
The deal is subject to legal review and the approval of at least 75 percent of Signature's shareholders.