“ABM and Air Serv share a vision of delivering innovative and cost effective services to our clients,” said Thomas Marano, Chief Executive Officer of Air Serv Corporation. “Together, we will be able to leverage our skill sets and increase our share of the global aviation facility services market.”
Slipsager continued, “Tom and his team have a great track record building and leading a client-focused aviation services company. We’re looking forward to Air Serv’s talented global workforce bringing its experience and commitment to superior aviation solutions to ABM.”
ABM expects the transaction to be slightly accretive to earnings per share in fiscal 2013, and to continue to build accretion thereafter.
The transaction, which is subject to regulatory approval and other customary closing conditions, is expected to close in November 2012.
Jones Day acted as legal advisor to ABM in this transaction.
Lazard Middle Market acted as financial advisor to Air Serv in this transaction and King & Spalding acted as legal advisor.
Cautionary Statement under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements that set forth management's anticipated results based on management's current plans and assumptions. Any number of factors could cause the Company's actual results to differ materially from those anticipated. These factors include but are not limited to the following: (1) we may not be able to consummate the proposed acquisition of Air Serv, if closing conditions are not satisfied or waived; (2) we may not be able
to achieve the strategic and other objectives related to the proposed acquisition of Air Serv, including any expected synergies; (3) we may not achieve expected growth or sustain current revenues related to the Air Serv business if there is a contraction in demand for these services due to reduced air travel, increased competition or other factors; (4) we may not be able
to successfully integrate Air Serv and achieve the expected results of the acquisition, including, without limitation, the acquisition being accretive; (5) we may not be able to retain key members of the Air Serv management team; (6) the acquisition of Air Serv may divert management's time and focus from operating our business to acquisition integration; and (7) we may encounter material unanticipated costs relating to the
Air Serv acquisition. Additional information regarding other risks and uncertainties the Company faces is contained in the Company's Annual Report on Form 10-K for the year ended October 31, 2011 and in other reports we file from time to time with the Securities and Exchange Commission. We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise.