KippsDeSanto & Co. advises Worldwide Flight Services Inc., a subsidiary of SATS Ltd., on the sale of Maytag Aircraft LLC to Albion River LLC

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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.”

 

About KippsDeSanto & Co.

KippsDeSanto & Co. is an investment banking firm focused on serving growth-oriented Aerospace / Defense, Government Services and Technology companies. We are focused on delivering exceptional M&A and Financing transaction results to our clients via leveraging our scale, creativity, and industry experience. We help market leaders realize their full strategic value. Having advised on over 200 industry transactions since 2008, KippsDeSanto is recognized for our analytical rigor, market insight, and broad industry relationships. There’s no substitute for experience. For more information, visit www.kippsdesanto.com.

Investment Banking products and services are offered through KippsDeSanto & Co., a non-bank subsidiary of Capital One, N.A., a wholly-owned subsidiary of Capital One Financial Corporation, and a member of FINRA and SIPC. Products and services are Not FDIC Insured, Not Bank Guaranteed, May Lose Value, Not a Deposit, and Not Insured by Any Federal Government Agency.