Transactions
March 29 2024
KippsDeSanto & Co. advises Worldwide Flight Services Inc., a subsidiary of SATS Ltd., on the sale of Maytag Aircraft LLC to Albion River LLC
KippsDeSanto & Co. is pleased to announce the sale of Maytag Aircraft LLC (or the “Company”), a subsidiary of Worldwide Flight Services Inc. (“WFS”) and SATS Ltd. (“SATS”), to Albion River LLC.
Maytag provides aircraft fueling services, air terminal and ground handling services, and base operations support exclusively to the U.S. Department of Defense in the U.S. and overseas. Maytag operates on a standalone basis and outside of the SATS’ core businesses and competencies.
The sale of Maytag is in line with SATS’ strategy, following the acquisition of WFS, to streamline operations, deliver synergies and strengthen its balance sheet.
Manfred Seah, CFO of SATS Ltd., said, “This divestment is part of our efforts to rationalize our portfolio to concentrate on core businesses that have a strategic fit for the group, focusing on high-value segments that will drive sustainable growth. We are committed to developing scalable and profitable solutions for our customers that will deliver increased value across the expanded network. The Group’s financial priorities remain to repay debt, reinvest in the business, and resume dividend distribution to our shareholders.”
LEAD INVESTMENT BANKERS
Michael J. Misantone
Karl M. Schmidt
KippsDeSanto & Co. is pleased to announce the sale of Maytag Aircraft LLC (or the “Company”), a subsidiary of Worldwide Flight Services Inc. (“WFS”) and SATS Ltd. (“SATS”), to Albion River LLC.
Maytag provides aircraft fueling services, air terminal and ground handling services, and base operations support exclusively to the U.S. Department of Defense in the U.S. and overseas. Maytag operates on a standalone basis and outside of the SATS’ core businesses and competencies.
The sale of Maytag is in line with SATS’ strategy, following the acquisition of WFS, to streamline operations, deliver synergies and strengthen its balance sheet.
Manfred Seah, CFO of SATS Ltd., said, “This divestment is part of our efforts to rationalize our portfolio to concentrate on core businesses that have a strategic fit for the group, focusing on high-value segments that will drive sustainable growth. We are committed to developing scalable and profitable solutions for our customers that will deliver increased value across the expanded network. The Group’s financial priorities remain to repay debt, reinvest in the business, and resume dividend distribution to our shareholders.”
LEAD INVESTMENT BANKERS
Michael J. Misantone
Karl M. Schmidt
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