Corbett Keeling is pleased to announce that its client ANA Aviation Services, an aviation logistics company, has been acquired by its management team backed by Lloyds TSB Bank plc. The deal was completed on 7 February 2013.
Corbett Keeling is a corporate finance advisory firm that advises owners on sales of or other exits from businesses, and management teams on buy-outs.
ANA provides airfreight solutions to customers across the globe especially in Africa. Started in 1985, it generates annual turnover and profits in excess of £100m and £3m respectively. It operates from offices in Holland, Belgium, Germany, France and the USA.
ANA's two founders and former controlling shareholders are Andy Leslie and Andy King. They appointed Corbett Keeling as their adviser on this deal because of the firm’s combination of strong focus on selling businesses and understanding of funding markets for the purposes of management buy-outs (“MBOs”).
The funding package required loans in five separate countries. It also required the secured lender to take account of ANA invoicing its customers via the trade body IATA/CASS. Both aspects created an unusually high level of complexity in the transaction which was handled by Corbett Keeling and ANA’s other advisers.
Andy Leslie said: “The transaction was far more complex that I had initially realised. Dealing with banks and lawyers in various foreign jurisdictions as well as the UK and also ensuring that we were completely compliant with all the relevant tax authorities was no mean feat and Corbett Keeling managed the whole process with complete professionalism and utmost care – we could not have done it without them.”
For more information and media enquiries contact:
Jim Keeling +44 (0)20 7626 6266 or visit http://www.corbettkeeling.com/publications/private-equity-director/ to download our latest quarterly review of management buy-out activity.