TIDMAIR
RNS Number : 9530J
Air Partner PLC
27 August 2021
LEI: 213800JLR6YIRMSCUS98
27 August 2021
AIR PARTNER PLC
("Air Partner", "Company" or "Group")
ACQUISITION OF KENYON INTERNATIONAL EMERGENCY SERVICES INC.
Air Partner acquires world leading emergency planning and
incident response company
Air Partner, the global aviation services group, is pleased to
announce that it has acquired the entire issued share capital of
Kenyon International Emergency Services Inc ("Kenyon"), a world
leader in emergency planning and incident response, from PT Lobos
LLC, a company owned by Robert A. Jensen, Brandon D. Jones and Sean
Gates (the "Acquisition").
The total consideration payable by Air Partner is up to $11.7
million, on a debt free, cash free basis, with an initial
consideration of $10.3 million payable on completion and deferred
conditional consideration of $1.4 million payable in cash or shares
after 12 months. The Acquisition is being funded from the Company's
existing cash and debt facilities. Post transaction, the Group has
net cash of GBP8.3m, excluding JetCard cash, and access to a debt
facility of GBP9.5m.
Summary
-- Acquisition of a world leading emergency planning and
incident response company, expected to be earnings enhancing in
first full year of ownership
-- Kenyon has a diverse, loyal and high-quality customer base
across multiple sectors and geographies
-- Kenyon is highly complementary to the Group's existing Safety
& Security and Charter businesses
-- The Acquisition increases Air Partner's consulting and training activities
-- Kenyon's membership business model adds more visible and
recurring revenue in line with the Group's stated strategy
-- Kenyon adds new capabilities with incident management services and post incident response
-- Acquisition significantly builds on Air Partner's Charter
division's activities in emergency planning and air evacuation
Overview of Kenyon
Kenyon International Emergency Services is a world leading
emergency planning and incident response company. Established as
Kenyon Emergency Services in 1906, Kenyon has built a world-class
reputation over the last 115 years as a leading provider of
specialised support to the private and public sectors during and
post emergency incidents. The company has responded to more than
350 incidents worldwide, working for and with local and national
governments, regulatory bodies, emergency services, blue-chip
corporates and other parties. Incidents have been varied in nature
and have included human error, humanitarian relief, acts of
terrorism, pandemics and climate-related extreme events.
Today, like Air Partner, Kenyon is trusted by many of the
world's most high-profile companies, governments and institutions
and provides their emergency planning and incident response
services, with over 600 customers (including c.400 aviation
customers) retaining Kenyon's services every year. Customer sectors
include government (national and regional), emergency services,
humanitarian, education, insurance, leisure, hospitality &
tourism, transport & logistics (airports, aviation, maritime
and rail), technology, business services, manufacturing, natural
resources (mining, oil & gas), infrastructure and sports. Air
Partner will be able to extend its reach in sectors where it
currently operates, as well as grow into new customer segments.
Delivery of Kenyon's services is not restricted by geography or
scale and the company works in any international environment for as
long as is required, providing significant on-the-ground support
and operational resources from three strategic bases around the
world - Houston (Texas, USA), Bracknell (UK) and Sydney
(Australia). In addition, Kenyon has an office in Beirut (Lebanon)
and representation in Santo Domingo (Dominican Republic).
Kenyon employs 24 full-time staff and maintains an active roster
of over 2,250 highly skilled consultants, part-time and on-call
first responder staff across 59 countries. Kenyon team members are
experienced professionals and experts in their fields; their
combined skills and expertise comprises over 5,000 different
functions, such as clinical and forensic experts, field-experienced
search and recovery teams, repatriation specialists, mental health
counsellors, translators, accounting, legal and compliance experts,
and law enforcement professionals. These are all supported by a
core team which manages logistics, systems, data collection and
Kenyon's own proprietary technology Kenyon Response(R).
Kenyon remained active internationally during the COVID-19
pandemic. Recent deployments have included an Air India Express
accident in Kerala, India; COVID-19 related services for local
authorities in the West Midlands and Essex, UK, and New York City,
USA; crisis communications support for a client in the aftermath of
a terrorist attack in Palma, Mozambique; an evacuation reception
centre for an oil & gas company following a COVID-19 outbreak
in Algeria; and the completion of a three year deployment
recovering personal effects from Grenfell Tower, London, the site
of a tower block fire.
Kenyon's business model is underpinned by membership revenue,
providing a visible and recurring revenue stream, with additional
revenues generated from incident response, consulting projects and
training programmes. In the year ended 31(st) December 2020, Kenyon
International Emergency Services Inc reported revenues of $16.3
million, including incident revenues of $12.1 million (over the
last 10 years, incident revenues for a single year have ranged from
$0 million to $12.0 million, and over the last five years have
averaged $7.5 million), delivering pre-tax profits of $1.5 million,
EBITDA of $2.5 million and gross assets of $8.0 million.
Robert A. Jensen, Kenyon Chairman, who has been with Kenyon
since 1998 and majority shareholder for over 15 years, will remain
with the business until 31(st) December 2021 to assist in the
transition and integration of the business. Thereafter, Robert will
move to an advisory role as Chairman Emeritus. Conor Prendergast,
Managing Director of Kenyon, will hold responsibility for the
day-to-day running of Kenyon and will report directly to Air
Partner CEO Mark Briffa.
A video of Air Partner CEO Mark Briffa talking about the
Acquisition can be found at
https://www.airpartnergroup.com/investors/reports-results-and-presentations/
.
Air Partner looks forward to talking further about Kenyon and
its importance to the Group at the interim results announcement at
the end of September. More information on Kenyon is available at
https://www.kenyoninternational.com/about-us/ .
Mark Briffa, CEO of Air Partner plc , said: "Kenyon
International Emergency Services is an exceptional business and a
true leader in the field of emergency planning and incident
response. With unparalleled levels of experience built up over 115
years, Kenyon is trusted by a wide range of customers across the
globe, including governments and blue-chip corporates, to deliver
world-class specialised support.
Air Partner and Kenyon are two highly complementary businesses,
providing significant opportunities to leverage each other's
skills, heritage and impressive customer bases. The acquisition
will immediately enhance our existing consulting, training and
emergency response activities and adds new post-emergency
capabilities in incident management, as well as extending our
sector reach and global offering. The experience, products and
services we are able to harness across the Air Partner Group with
the addition of Kenyon is unmatched."
Robert A. Jensen, Chairman of Kenyon International Emergency
Services, said: "Kenyon was the world's first emergency response
provider and now, with experience built up over 115 years, it is a
leader in its field, with best practice developed through multiple
major deployments. Kenyon regards the sharing of knowledge as a
priority and much of what is regarded as best practice in industry
and government has arisen from this. By joining with the Air
Partner Group, together we are again expanding the definition of
emergency planning and incident response to meet the evolving needs
of business and governments in a fast-changing global
environment.
This transaction brings together the extensive real-world
experience and resources of two complementary organisations,
creating a powerful group that will allow its customers to further
consolidate their incident planning, training and response
operations into a more integrated system. This system will
ultimately benefit those who we have always seen as the ultimate
customer - the companies, survivors, and families involved in these
emergencies.
Finally, thank you to my husband, the dedicated team at Kenyon,
our full and part-time staff, associates, team members and clients
and the many government agencies that I have worked with over the
last 23 years as we have built Kenyon into the company it is today.
I am sincerely grateful for all that you have done and allowed me
to do. I look forward to working with you, albeit in a different
role, as you take Kenyon to the next level."
Blackdown Partners acted as Financial Adviser to PT Lobos
LLC.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) NO 596/2014.
S
Enquiries:
Air Partner 01293 844 788
Mark Briffa, Chief Executive Officer
Joanne Estell, Chief Financial Officer
TB Cardew (PR Advisor to Air Partner) 020 7002 1080
Tom Allison 07789 998 020
Alycia MacAskill 07876 222 703
About Air Partner:
Founded in 1961, Air Partner is a global aviation services group
providing aircraft charter and aviation safety & security
solutions to industry, commerce, governments and private
individuals, across civil and military organisations. The Group has
two divisions: Air Partner Charter, comprising Group Charter,
Private Jets, Freight and Specialist Services; and Air Partner
Safety & Security (formerly Consulting & Training), which
comprises Baines Simmons, Redline Assured Security and Managed
Services.
Group Charter charters large airliners to move groups of any
size. Private Jets offers the Company's unique pre-paid JetCard
scheme and on-demand charter for up to 19 people. Freight charters
aircraft of every size to fly almost any cargo anywhere, at any
time. Specialist Services comprises Air Partner's other aviation
services that complement its Charter business: Remarketing, ACMI,
scheduled group travel, tour operations, air evacuation and flight
operations.
Baines Simmons offers aviation safety management and fatigue
risk management. Redline Assured Security delivers
government-standard security training, consultancy and solutions to
regulated, high value and high threat environments. Managed
Services comprises wildlife hazard management, aircraft registry
services, consultancy services for airports and logistics
operations, remote condition monitoring, baggage system testing,
and Kenyon International Emergency Services, a world leader in
emergency planning and incident response.
Air Partner has 18 locations across four continents, with its
headquarters located alongside Gatwick airport in the UK. The group
employs around 450 professionals globally and operates 24/7. Air
Partner is listed on the London Stock Exchange (AIR) and is the
only publicly listed air charter broker and aviation safety &
security consultancy. It is ISO 9001:2015 compliant for commercial
airline and private jet solutions worldwide. More information is
available on the Company's website ( www.airpartnergroup.com ).
About Kenyon International Emergency Services:
Founded in 1906, Kenyon is an international leader in emergency
planning and incident response, providing specialised support to
local and national governments, regulatory bodies, emergency
services and blue-chip corporates, among others. In its 115 years
of operation, it has built up comprehensive resources and
experience in every type of emergency incident, including
industrial and natural disasters, pandemics, wars and terror
attacks. Headquartered in Houston (Texas, USA), Kenyon has its main
operational facility in Bracknell (UK), a further operational base
in Sydney (Australia), an office in Beirut (Lebanon) and
representation in Santo Domingo (Dominican Republic). More
information is available at www.KenyonInternational.com.
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END
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