Swissport and the French Derichebourg SA announced they have signed a definitive agreement under which Swissport will acquire Servisair from the French Derichebourg SA. In this context Swissport has secured appropriate financing for the acquisition by issuing and successfully pricing a USD 390 Mio senior secured add-on note. By combining the two companies, the new group will enable Swissport to continue improving its worldwide service offering to customers. The acquisition has been unanimously approved by the boards of directors of both companies and is subject to merger clearance by the competent merger control authorities.
Servisair provides aviation customers with high-quality tailored airport services and a strong focus on safety and efficiency at 118 stations in 20 countries. Total revenue of Servisair in FY2012 was EUR 688 Mio with a workforce of 15,000. The service portfolio of Servisair consists of ground handling, cargo, fuelling, load control and airport services.
Swissport is a global aviation service provider offering a comprehensive range of value-adding services to its customers. The combined company will benefit from Servisairs complementary service offering, talented and dedicated employees and its highly diversified client portfolio.
"Servisair is a great company with very high quality standards and with its impressive reputation it is a perfect fit for Swissport´s global and sustainable growth strategy", said Per H. Utnegaard, Group President & CEO of Swissport. "We are very pleased with the acquisition and we are looking forward to working with staff, airport operators, and customers to ensure a seamless transfer."
The transaction is expected to close in the fourth quarter of this year, subject to regulatory approval.
Swissport provides ground services for around 118 million passengers and handles 3.5 million tonnes of cargo a year on behalf of some 650 client-companies in the aviation sector. With a workforce of around 40,000 personnel, Swissport is active at 180 stations in 37 countries across five continents, and generates annual consolidated operating revenue of CHF 1.9 billion. www.swissport.com
Swissport is owned by PAI Partners. PAI is a leading European private equity firm with offices in Paris, Copenhagen, London, Luxembourg, Madrid, Milan and Munich. PAI manages and advises dedicated buyout funds with an aggregate equity value of EUR 4 billion. Since 1998, PAI has completed 42 LBO transactions in 9 European countries, representing over EUR 34 billion in transaction value. PAI is characterised by its industrial approach to ownership combined with strong sector expertise. PAI provides portfolio companies with the financial and strategic support required to pursue their development and enhance strategic value creation. For further information about PAI:www.paipartners.com
Servisair´s global business currently provides ground services for around 106 million passengers and 645,000 tonnes of cargo a year on behalf of some 500 client companies in the aviation sector. Servisair employs around 15,000 staff and is active at 118 locations in 20 countries on four continents.
The Derichebourg Group is an international player in the world of environmental services and services to businesses and to local and municipal authorities. It covers the entire waste recycling chain, from collection through to recuperation. Furthermore, it develops a broad range of services in cleaning, temporary work, energy, with well known focus on aircraft support to manufacturing and aircraft maintenance.
Number of flights has significantly increased following refurbishment and modernization.