The deal sees the London headquartered engineering support services-company acquire the entirety of Avincis’ issued share capital.
In a statement Peter Rogers, chief executive of Babcock, said: It [the acquisition] brings into the Babcock Group a market-leading business, delivering mission critical services and complex engineering support to blue-chip customers in multiple geographies. Avincis already has a strong growth platform and its combination with Babcock will generate even greater expansion opportunities and value creation for Babcock’s shareholders.’
Avincis is a supplier of helicopter and fixed-wing emergency services (medical, search and rescue (SAR), fire-fighting, surveillance and civil protection) as well as being a supplier of helicopter services to the oil and gas industry in the North Sea and Australia.
Avincis has achieved a double-digit organic revenue growth rate since 2005, when Investindustrial acquired the company, and further enhanced its positioning and expansion since KKR’s entry in 2010. At the end of December 2013, Avincis had an order book of €2.3bn, a 30 per cent increase on 2012.
Andrea C. Bonomi, Senior Partner of Investindustrial commented: ‘Our joint vision for the company has resulted in nine important acquisitions allowing the company to enter new markets, and achieve an industry leadership position in quality of service, focus on safety, and profitability. Babcock, with its culture of engineering services excellence, is the ideal industrial partner for Avincis to now bring the company to its next stage of development.’
The transaction is subject to Babcock’s general meeting approval convened for 16th April 2014 as well as customary regulatory clearances.
Promoted content: Does social media work for engineers – and how can you make it work for you?
So in addition to doing their own job, engineers are expected to do the marketing department´s work for them as well? Sorry, wait a minute, I know the...