British-based aviation services provider, Air Partner plc, has acquired the entire issued share capital of Redline Worldwide Limited, trading as Redline Assured Security, an aviation security solutions and training company.
The total consideration payable by Air Partner is up to £10.0 million, on a debt free, cash free basis, with an initial consideration of £8.0 million payable on completion and additional consideration of up to £2.0 million payable over two years post completion. The acquisition is expected to be earnings enhancing in its first full year of ownership.
Redline is the U.K.’s only International Civil Aviation Organization (“ICAO”) Aviation Security Training Center. Established in 2006, Redline delivers government-standard security training and solutions to international airports, airlines and aviation sector related companies, critical national infrastructure, stadia and event managers, and corporates. The products and services provided include training (including e-learning), quality assurance, covert and overt testing, compliance management, and security consulting.
Redline employs approximately 100 staff at its headquarters at Doncaster Sheffield Airport, and has developed its own proprietary software solutions in security management systems and e-learning.
In the year ended 31 March 2019, Redline generated revenue of £6.5 million, adjusted EBITDA of £0.8 million, with loss before tax of £0.7 million and gross assets of £2.0 million.
The acquisition will extend Air Partner’s suite of aviation services within its Consulting & Training division, which will now be called Air Partner Safety & Security.
Paul Mason, Co-founder and Chief Executive Officer of Redline, will join the Air Partner group executive team, reporting directly to Chief Executive Officer Mark Briffa. Paul, who has been in the aviation industry for over 30 years and specializes in security consulting and training, has been appointed Managing Director of Air Partner’s Safety & Security division, with responsibility for all the enlarged Group’s activities in these areas. He will work alongside Kevin Macnaughton, Managing Director of Air Partner’s Charter division, and the wider executive management team.
Post-acquisition and integration, Redline will be rebranded as “Air Partner Assured Security”.