This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Macquarie Infrastructure Company’s Atlantic Aviation Closes Acquisition Of Kansas City Fixed Base Operation

Macquarie Infrastructure Company (NYSE:MIC) announced that its Atlantic Aviation business has reached financial close on an acquisition of a fixed base operation (FBO) in Kansas City, Mo. The acquisition of the Hangar 10 aviation services facility increases the size of the Atlantic Aviation network to 63 fixed base operations throughout the US.

Atlantic Aviation acquired the Hangar 10 facility for a multiple of EBITDA (earnings before interest, taxes, depreciation and amortization) of approximately ten times.

“We are pleased that Atlantic Aviation has been successful in its acquisition of the Hangar 10 fixed base operation,” said James Hooke, Chief Executive Officer of MIC. “Hangar 10 is an outstanding facility and one that is likely to contribute to the continued strong financial performance of Atlantic Aviation.”

Year to date through the end of September, Atlantic Aviation had generated an increase in EBITDA of 9.9%. The growth reflects an increase in the number of general aviation flight movements in the US broadly and an increase in Atlantic Aviation’s market share in certain regions.

Atlantic Aviation also reported that it successfully negotiated lease extensions of up to 40 years at its facilities at the Houston-IAH and Houston-Hobby airports. The combination of the acquired lease and these and other lease extensions increases the average remaining lease life of the Atlantic Aviation portfolio by one and a half years to just under 20 years at December 31, 2013.

“The improvement in performance and growth momentum at Atlantic Aviation in evidence through the September quarter of this year has continued in the fourth quarter.” Hooke added. “Atlantic Aviation is poised to generate strong financial results for the full year, capped off with a very attractive acquisition and significant lease extensions. We’re very pleased with the efforts of the management team at Atlantic Aviation and the business’ contribution to MIC.”

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,094.22 +56.25 0.31%
S&P 500 2,112.43 +3.51 0.17%
NASDAQ 5,064.9490 +4.7030 0.09%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs