Gama Aviation went public in 2014 when it acquired Hangar8 which was already listed on London’s Alternative Investment Market. In theory, the reverse takeover gave the company access to more capital for acquisitions. At the time, Gama Aviation was managing all of Wheels Up’s King Air flights and the merged company had almost 150 aircraft under management. (It later sold its share of its US aircraft management business to Wheels Up.)

Many listed company CEOs believe that the market does not truly understand or value their business. But Khalek was able to prove this last year when Gama Aviation sold Jet East, its fast-growing US maintenance business. Jet East made up a third of Gama Aviation. At the time Gama Aviation had a market capitalisation of about £60m.

In November Gama Aviation sold West Star for $131m (netting $100m). Steve Maiden, who led the fast growth of Jet East, was this week appointed CEO of West Star.

Some of the cash from this sale has been used to take Gama Aviation private. Perhaps surprisingly a significant number of investors have chosen to keep their shares even though they are no longer easily tradable. One high-profile UK investor bought 2% of Gama Aviation after the de-listing was announced. 

Khalek is excited to be back running a private company. He estimates that between 25% and 40% of his work life has been taken up by the demands of being listed.  Now freed up, he wants to grow Gama Aviation. “I am not sure everyone in the business is as excited that I will have more time,” he jokes.

Gama Aviation is looking to grow its FBO business. It has just completed a parking apron at Sharjah Airport, near Dubai, and is now starting on a new 14,000 sqm hangar and FBO due to open next year. The company is working through planning for its Jersey FBO in the Channel Islands. 

It has also hired Graham Williamson, formerly of ACASS Europe and TAG Aviation, to grow its aircraft management business. Williamson, who has been a competitor of Gama Aviation for many years, likes growing companies. He was at Emirates Airlines when it had three aircraft.

“It is exciting when you are growing and the opportunity for Gama Aviation is huge,” says Williamson.

Gama Aviation is in talks to buy Austrian operator Tyrolean Jet Services (one of its last stock exchange announcements was on this deal). Tyrolean Jet Services was the first Austrian business jet operator.

“We want to create bespoke operations in different locations like Four Seasons does with hotels”

“We want to create bespoke operations in different locations like Four Seasons does with hotels,” says Williamson. “We want to develop local presence in combination with our engine room in Farnborough. We want to provide great service, great product and be more focused on small numbers of highly bespoke clients.”

Khalek says it is not about trying to build one global operator. “One of the reasons that consolidation is tough is that aircraft management is a very personal business. You don’t want to grow into a big monster chain, you want guests to feel that they are staying at a boutique hotel where everyone knows their name.”

It is looking to build a series of small management companies – with no more than 25 aircraft – with local management. Gama Aviation believes that it can get economies of scale in back-office functions like finance, trip planning, maintenance and purchasing. Khalek adds another simile: “It is like a Michelin Star restaurant – you want a unique maitre d’ but the kitchen needs to be producing a consistently strong product.”

Khalek never hid his frustrations with running a public company (including to the Wheels Up team before they floated). He is clearly excited about the freedom the business now has. “We have all been weighed down with regulatory issues, things like Brexit, Covid, supply chain issues and others,” he says. “We need to shake ourselves out of this and go back to why people go into this industry. People do it because they love it and they are passionate about it. We need to remember how enjoyable this industry is.”

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Gama Aviation has issued a stock market announcement revealing it is in talks to buy Austrian operator Tyrolean Jets & Services.

Although Gama Aviation is de-listing from London’s AIM exchange and is no longer publicly trading it needed to comment on speculation under UK law as shares are still outstanding.

The statement says that the sale has not been completed but the two companies are in discussions.

Tyrolean Jets & Services (TJS) launched in 1978 as Austria’s first business jet operator. As well as Austria it also holds air operator certificates (AOCs) in Malta and San Marino.

Marwan Khalek, CEO of Gama Aviation, said at Corporate Jet Investor Middle East that the business is keen to grow its aircraft management business. Gama Aviation has cash for acquisitions following the sale of its US maintenance business Jet East in October 2023 (although some of this has been used to take the company private). Gama Aviation has also hired Graham Williamson, formerly of ACASS Europe and TAG Aviation, to grow its aircraft management business.

Gama Aviation already has bases in the UK, Dubai and Jersey. TJS would give it the opportunity to add Austrian, Italian and Swiss owners.

“Discussions between the Group and TJS are ongoing, and they remain subject to further negotiations, diligence, and Board approval; as such they are not expected to be concluded until after the Company’s delisting from AIM. Accordingly, there can be no certainty any transaction will be completed and, if it does, on what terms such a transaction might take place,” said Gama Aviation in the statement.

TJS was founded as Aircraft Innsbruck as the flight department for Swarovski the jewellery and crystal company. It is one of the best known Austrian operators.

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For $131m.

It is a good deal for its owner Gama Aviation and its London Stock Exchange investors. After paying off debt, it will bank $100m. Shareholders will get some of this as a dividend.

“After interest from several parties, we are delighted to have agreed the sale of Jet East to West Star Aviation. I believe the new owner will be an excellent guardian of our valued strategic relationships and, importantly, the people that deliver critical services to our customers every day,” said Marwan Khalek, CEO of Gama Aviation.

Gama Aviation bought Jet East in January 2021. It paid $8.7m in cash and took on $3.2m of debt. It invested in the company. Jet East had sales of $118.2m in 2022 and earnings of $1.3m. Its sales in the first six months of 2023 were up 27%. In 2019 it had sales of $29.5m.

The Sterling Group, the private equity owner of West Star, approached Jet East last year. “This combination represents a truly unique opportunity to bring together two completely complementary businesses in terms of capabilities and geographic footprint,” said Jim Rankin, CEO of West Star Aviation. “Most importantly, the cultures of both organizations proudly prioritize customer service and a commitment to our people.”  

Latham & Watkins was West Star’s legal adviser with Jefferies financial adviser.

“Joining forces with West Star provides so much optimism for everyone involved. As a combined entity, we will be able to provide unparalleled service and support to our collective customer-base with greater depth in providing maintenance solutions,” said Stephen Maiden, CEO of Jet East. “The combination enhances opportunities for our talented workforce as our capabilities increase in size and scope. I am incredibly proud of our team, and the opportunity to partner with West Star is truly amazing,”

Jet East had hoped to tell staff earlier but minor delays meant it had to make the sudden announcement.  

“I would like to thank the entire Jet East team for their considerable efforts and achievements under the leadership of Stephen Maiden,” said Khalek. “We wish them continued success as they embark on their own new chapter.”

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Defined as “steady progress” the board remains cautious on its outlook for H2 2023. Any growth has been against the backdrop a challenging economic and business environment, said the firm. Margins were also impacted by inflationary cost pressures as predicted. 

Marwan Khalek, chief executive said: “The H1/23 results demonstrate the progress the Group continues to make in consolidating and building upon the significant improvement in financial performance that has been delivered over the last couple of years. This is the result of our diligent implementation of our organic growth strategy and the optimisation of our operational platform and cost base whilst continuing to deliver our clients’ mission.”

Revenue overall grew by 4% to $145m, up from $139.3m at the halfway mark last year. Gross profit was up 3% to $27.6m whilst gross profit margin was down by 0.2% at 19%. Gama posted adjusted earnings before interest and tax (EBIT) of $0.3m, compared to $1.8m in H1 2022.

Net cash inflow from operations came in at $11.6m down from $15.5m in H1 2022. On the other hand, net debt was $66.1m, whilst net bank debt decreased by $12.3m to $22.5m. As of September 21, 2023 cash balances were $9.1m. 

Gama said it will continue focusing on bettering operational performance and controlling costs to help mitigate the impact on margins whilst the inflationary and negative economic conditions persist in the UK.

Khalek added: “These results, delivered against a backdrop of a very challenging economic and business environment, again serve to illustrate the robustness and resilience of our business, as well as the unwavering commitment and dedication of our people to delivering our clients’ mission. Despite this uncertain economic backdrop, the pipeline of business opportunities continues to grow, and the Group remains well positioned for the future.”

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Adjusted EBITDA profit was up $11.1m to $22.9m while adjusted EBIT profit climbed $13.1m to $8.8m. The company reported net cash inflow from operating activities of $31.4m compared with $5.2m in the previous year. A loss of $1.4m was reported for the year down from a loss of $6.3m in 2021.

Marwan Khalek, chief executive, Gama Aviation welcomed the group’s improved revenue and EBITDA performance in core markets and highlighted the contribution of US maintenance, repair and overall (MRO) company Jet East. “It is particularly pleasing to see the transformative effect the addition of Jet East has had to our US MRO business and how the additional focus we’ve placed on the Special Mission sector will deliver future financial performance through the capture of attractive multi-year contracts,” said Khalek.

Part of its Business Aviation strategic business unit, Jet East was acquired in 2021. Gama highlighted continued investment in airport infrastructure with the acquisition of a hangar in Statesville, North Carolina, to provide additional capacity and fuel further organic growth. It also noted strong US sales of aviation, enterprise resource planning software products in its Technology and Outsource unit.

Two contract wins in the fourth quarter of 2022 achieved by its Special Mission strategic business unit also boosted the company’s full-year financial performance, according to the results statement. These were the award of seven-year, five-aircraft contract with the UK Air Ambulance Charity and  a North Sea offshore, multi-aircraft contract with Bond Helicopters running for five years. (Bond Helicopters is the group’s joint venture with Peter Bond, launched to target opportunities within the UK offshore energy market).

Khalek said the business would continue to build “positive momentum” this year despite the challenging environment. That was despite the challenging environment created by the high inflation, high interest rates and the uncertainties arising from the “protracted conflict in Europe”.

Meanwhile, in a separate development, Gama Aviation has won the tender for the construction of a new hangar to be built at Jersey Airport work from Ports of Jersey. The 60,000sqft (5,574sqm) facility its expected to take up to two years to complete  and is subject to planning approval. The plans are said to include provision for new facilities to transfer patients by air ambulance, aircraft servicing space and a terminal for private jet passengers. (Pictured is a Citation XLS).

Gama Aviation 2022 results – at a glance

• Gross profit up 33% to $55.1m
• Revenue up 21% to $285.6m
• Adjusted EBITDA profit up $11.1m to $22.9m w
• Adjusted EBIT profit up $13.1m to $8.8m.
• Net cash inflow from operating activities of $31.4m compared with $5.2m in 2021
• Loss of $1.4m, down from a loss of $6.3m in 2021.

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The charter and aviation services company reported that its revenue for the first six months to June 30th 2022 was $139.3m, up from $107.3m in the first half (H1) of last year. A significant proportion of this ($20.3m) came from the company’s maintenance, repair and overhaul (MRO) services firm Jet East, which the group acquired in January last year. Due to acquiring the company, Gama spent $244,000 on related costs.

Gross profit also increased by a third (32%) from $22.3m in 2021 to $29.5m, with the gross profit margin up by 0.4 percentage points. Gama’s cash-in-hand increased as well, from $10.2m in H1 last year to $11.4m this year. The firm’s net debts have been reduced from $100.6m to $86.4m.

Marwan Khalek, CEO, Gama Aviation said: “This improvement is underpinned by the group’s focused growth strategy and the continued operational improvements made across the business, demonstrating the continued resilience of the group’s business model.”

Margins are likely to be impacted by inflationary cost pressures and supply chain challenges in the coming months, according to the group, causing the board to “maintain its cautious approach” for the remainder of the year. Despite this, the board said it expects full-year results to be in line with management expectations.

Gama said it continues to pursue the recovery of long-standing trade receivables amounting to about $3m. The litigation has been ongoing for years, involving the founder of Hangar8 (a business which merged with Gama in 2015) Dustin Dryden. Gama and Dryden settled, with Dryden handing over cash and assets worth an undisclosed amount, however Gama announced in its full- year accounts for 2019, published in 2021, that it was still pursuing recoveries.

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Jet East has bases in New York, Boston, Philadelphia, Cleveland and Cincinnati, so has little overlap with Gama’s existing US maintenance business. It almost doubles Gama Aviation’s US maintenance business.

“It allows us to grow capabilities with an almost unrivalled footprint in the US,” Marwan Khalek, chief executive of Gama Aviation told Corporate Jet Investor. “It is a great fit, a great business and with great people.”

Jet East has 200 employees. In 2019 it had sales of $29.5m and earnings of $1.2m (including a $300,000  depreciation charge). It had $6.7m in net assets at the end of December 2019. Jet East will be merged with Gama’s existing US maintenance business. In the first half of 2020, Gama had US maintenance (or what it calls ground) sales of $20.5m with a $1.1m profit.

Branded Jet East, the combined company will have 10 scheduled maintenance bases and more than 90 mobile technicians covering 65 cities.

90 mobile technicians covering 65 cities

Jet East Aviation MRO spread

“The footprint we have is important,” said Steve Maiden, CEO and President of Jet East to Corporate Jet Investor, “We already have it for a start – anyone wanting to replicate it would need to acquire or scramble for customers. So, we already have the sticks of the house in place and good existing customers. We just need to fill it with more.”

Maiden was appointed CEO in March 2020. Before joining Jet East, he was president of Directional Aviation’s Constant Aviation for 13 years. During this time, Constant grew from $3m in revenues, with 25 employees to more than $220m in sales and more than 1,000 employees.

The sale was close to be being signed in March 2020 but was delayed by Covid-19. Jet East’s revenues fell in 2020 but Gama is confident they will come back when lock downs end.

Jet East was founded in 2006 by Gary Lee and Brian Weiss. In 2015, Francis John joined as an investor and chair and brought in around 15, mainly private equity, shareholders.

Gama has a very strong business modifying and supporting UK defence aircraft and Khalek says that Jet East as a Gama Aviation company is keen to grow its US government business.  (we want to make sure people understand that its is ‘Jet East, a Gama Aviation company’ so that there is no confusion about who bought who)

He is also confident that independent maintenance shops can compete with manufacturers.

‘Customers want a choice’

“OEMs are clearly making life harder for independents, but there will always be room for them,” says Khalek. “Customers want a choice. We want to be a one-stop shop for them.”

He says that it is important to remember that there are three types of maintenance: heavy maintenance, such as 96-month checks, refurbishments, upgrades and completions; Regular work – such as 400-hour checks and overhauls; and daily tasks like changing light bulbs, or inflating tyres.

“There are lots of companies that will pitch for the first two, but only a handful that will come out and change a light bulb at 10pm on a Friday night,” says Khalek, “and even fewer that offer the full range.”

Maiden, who also worked at Hawker Beechcraft, agrees. “All OEMs are looking to services, especially with deliveries down, but after warranties end, they have to earn the customer. We are very focused on the customer and quality – and getting the right people to deliver this. In 2019 we saw real competition for talent, and it will come back.

“Our footprint gives us the opportunity to provide a one-stop shop and give opportunities to great people,” he adds. “We want customers to know that we will be there at 10pm on a Friday, holiday or Christmas Day if they need us and if they need a big inspection or a whole cabin completion.”

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Air Partner reported a 61% gain in profit for the six months to July 31st – up from £17.2m in July 2019 to £27.7m in July 2020 – owing to “excellent performance in group charter and freight divisions”. The charter division grew 70% year-on-year from £15m to £25.5m, driven by the exceptional demand for emergency Covid-19 and personal protective equipment (PPE) supply flights.

However, the company’s core private jet operations gross profit was down by 23.3% from the same period last year – reflected by a decrease from £6m to £4.6m.

Although private jet owners have increasingly chosen to use their aircraft for family holidays in the past six months, the numbers reflected from private jet travel, on paper, do not necessarily match this demand.

Air Partner’s JetCard programme, despite 50% higher in sales, took a 5% dip in cash to £17.6m from last July’s figures. Scheduled Group Travel and Tours Operations both saw significant downturns in performance as well.

Mark Briffa, CEO, Air Partner, said the company’s private jet dealings had been severely impacted by the pandemic, although activity levels were slowly starting to return. This is after the company had installed a cost-cutting plan in April this year.

Air Partner also entered the Australian market, via a new contract with security solutions company Redline Assured Security and Managed Services, in June this year. The interim results show a direct impact of this acquisition on the 6% rise in profit, in its Safety & Security division.

Gama Aviation’s ground division

Meanwhile, Gama Aviation’s ground division was impacted by a pandemic-related reduction in FBO and MRO revenues and an absence of the one-off gains seen in the previous year.

Gama reported a loss in the first half of the year, with a pre-tax loss of $4m, compared with a profit of $2.2m a year earlier. Revenue fell to $109.2m from $121.8m. Liquidity remains strong with $18.1m cash.

Th results show that partner China Aircraft Services Limited also suffered substantial losses due to vastly reduced commercial aviation volumes at Hong Kong airport, resulting in $2m in losses.

Gama Aviation’s CEO, Marwan Khalek said: “We have continued to drive our business forward with long-term contract wins in the special mission division and sizeable maintenance inputs into our Bournemouth maintenance facility. “

In its Global Services Division, subsidiary myairops secured a $2.5m Software as a Service (SAAS) contract in March, with one of the world’s largest business aviation operators. While the company was awarded two contracts to provide air ambulance services for a minimum of five years. Also in March, the company announced its sale of minority investment US Air associate, for a total of $33m, to Wheels Up.

Gama acknowledged the outlook remained highly unpredictable but reported stable trading for its third quarter, which ends in September. Air Partner has seen an increase in private jet enquiries for the same quarter.

Click here for more details about Air Partner’s and Gama Aviation’s interim results.

Commenting on Air Partner’s interim results

Meanwhile, Canaccord Genuity, a UK equity research firm, said diversification had benefitted the company during the Covid-19 crisis.

Analyst Gert Zonneveld said: “Strong H1 [first half] performances in group charter and freight more than offset the weakness in private jets and some areas of Safety & and Security clearly demonstrating the value of the group’s diversification strategy.”

Air Partner and Gama Aviation results – at a glance

Air Partner

-Adjusted EBITDA up 6.7% to £1.6m

-Adjusted EBITDA margin up 21.4% to 5.6%

-Operating profit maintained at £0.1m

-Loss before tax of £0.5m

-Net debt of £10.9m on June 30th 2020

-Cash of £3.0m on June 30th, 2020

-Bank facilities improved, and balance sheet was strengthened to provide resilience against Covid -19 uncertainties

-Record order book on September 22nd 2020

-Total order book increased £11.1m, up 26% since June 30th, 2020, with 24% increase in current year.

Gama Aviation

-Adjusted EBITDA up 6.7% to $1.6m

-Adjusted EBITDA margin up 21.4% to 5.6%

-Operating profit maintained at $0.1m

-Loss before tax of $0.5m

-Net debt of $10.9m on June 30th 2020

-Cash of $3.0m on June 30th 2020 ($5.5m at June 30th 2019)

-Bank facilities improved, and balance sheet was strengthened to provide resilience against Covid -19 uncertainties

-Record order book at September 22nd 2020

-Total order book increased $11.1m, up 26% since June 30th, 2020, with 24% increase in current year.

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Marwan Khalek, Chief Executive Officer of Gama Aviation said:

“While we are undoubtedly facing significant challenges posed by the impact of Covid-19, Gama Aviation has a good level of liquidity and the Group’s resilient business model is supported by our essential contracted services and global reach. With the continuing support of our people, clients and shareholders, we believe we will be able to navigate these challenges and re-focus on delivering sustainable returns once the impact of Covid-19 has receded.”

Gama Aviation splits its divisions into air – operating aircraft; ground – maintenance and completions; and global – . All its divisions are operating, but they are being hit by Covid-19.

The company says that US Ground division achieved 85% of planned maintenance activity in March but is now suffering a marked decline with activity below plan by over 50% in the first week of April. It is also applying for financial support from the federal government’s Paycheck Protection Program.

A significant part of its European business is made up of long-term contracts with NHS Scotland, the MoD and other government agencies. All of these are performing well.

However, a cut in charter sales is heavily impacting its Europe Air division and a significant number of maintenance contracts and orders have been cancelled or delayed in the Europe Ground division. Gama Aviation says that Europe Ground labour hours were below plan by more than 20% in March and are down by 50% in April so far. The company has furloughed some staff in both divisions using the UK government scheme.

After a brief shutdown of flights in March, operations at Sharjah have resumed at around 60% of the forecasted levels. The company says it is benefiting from a waiver of airport fees and rental charges for three months. It is also cutting costs.  

Gama Aviation’s Hong Kong business is still severely disrupted with major impact on the Group’s CASL associate – which is very reliant on airlines. The Asia Air and Ground divisions have been less affected. A drop in flying hours has been offset by maintenance on parked aircraft.

The company’s tech businesses – FlyerTech and Myairops – have had some sales delayed. But Gama says that it seeing strong market interest in Myairops software products which is well adapted to home-working.

Gama Aviation has a $50m credit facility with HSBC of which $30m remains undrawn. It is also holding $17m in cash following the receipt in March of a substantial annual advance payment in respect of a long-term contract.

Like many listed companies, Gama Aviation has suspended its financial guidance for 2020. It also plans to report its annual results in July 2020 rather than June (the AIM stock market has announced this as an option for companies preparing results during Covid).

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Gama Aviation has operated King Air and Cessna Citation aircraft for Wheels Up since the launch of the membership company.

“This is a cornerstone investment. Wheels Up is on its way to being a leader in on-demand private aviation worldwide,” Kenny Dichter, founder of Wheels Up, told Corporate Jet Investor. Wheels Up – which was launched just over six years ago – now has a fleet of more than 300 aircraft and employs more than 1,000 pilots.

The deal was widely predicted when Wheels Up acquired Travel Management Company, another holder of a Part 135 Air Carrier Certificate in 2019.  It then acquired Delta Private Jets, another Part 135 operator, in early 2020.

“We are still very committed to operating aircraft – and will continue to do this around the world – but there are times when it makes sense to start businesses and times when it makes sense to sell them,” said Marwan Khalek, CEO of Gama Aviation, in a call with Corporate Jet Investor. “The US Air division is a great business with great people, and will continue to be one for Wheels Up, but this transaction is a win-win. It also simplifies our business for investors.”

Gama Aviation has a significant number of aircraft under management and Wheels Up hopes to grow this. “We are keen to grow aircraft management – Delta Private Jets is in the management business as well – it is a key part of our asset-light strategy to be the Airbnb of private aviation,” says Dichter.

Tom Connelly, president and CEO of Gama Aviation LLC, will join Wheels Up and is believed to have received some Wheels Up stock.

Gama Aviation will continue to operate maintenance facilities in 18 locations across the US. But it has agreed not to apply for an FAA Part 135 charter operation certificate for at least five years.

“This was a family deal. Gama Aviation has been a fantastic partner since we launched and we will continue to work with them in the future,” says Dichter. Khalek adds: “We have enjoyed being part of the Wheels Up story, wish them well and will continue to support them.”

Gama Aviation LLC was 51% owned by its founders; with Gama Aviation and Signature Aviation, part of BBA Aviation – two UK-listed companies – owning 24.5% each. The company traded as Gama Aviation Signature after the two UK companies merged their US flight businesses in 2017.

Gama Aviation will receive $33m for its 24.5% share. It will also get $23m for accelerated branding fees and other trading-related considerations (the US flight business paid a royalty for using the Gama Aviation brand). It has already received $13m in cash from Wheels Up.  The rest will be paid – with interest – in eight equal amounts every six-months for the next four years. Wheels Up will continue to use the Gama Aviation brand for two years.

Gama Aviation LLC had a complicated structure because of US laws restricting foreign ownership of airlines to less than 50% – and then, only if shareholders are in countries with an Open Sky agreement with the US. The EU and the US agreed an Open Sky agreement in 2007. However, even though the US has said it is keen to sign a similar formal agreement with the UK, this is not yet in place.

BBA Aviation needed to sell 51% of its shareholding in Landmark Aviation to US investors in order to comply with US airline-ownership rules so chose to form a joint venture with Gama.

What it means for Wheels Up
Wheels Up has transformed itself in the past 12 months by acquiring TMC, AVIANSIS (fleet management software), Delta Private Jets and, now, Gama Aviation. Launching with Gama Aviation as a partner made sense but as soon as it acquired a Part 135 certificate of its own, it just added complications.

It is worth looking at the scale of Wheels Up after this deal. With more than 300 aircraft – plus access to a wider fleet – it is right up there with NetJets, VistaGlobal and Directional Aviation. An amazing achievement for a company that only launched in August 2013. Six years ago, Dichter told Corporate Jet Investor that he wanted Wheels Up to be one of the biggest brands in aviation. He has achieved this.

What it means for Gama Aviation (GMAA.L)
Gama Aviation has just sold 24% of one of its subsidiaries for $13m in cash with more to come. Yet the company has a total market capitalisation of $36.2m.

The complicated ownership structure and brand licensing meant that Gama Aviation LLC (it called it US Air in its reports) was the most attractive air division by far (it had an earnings before interest and taxes (EBIT) margin of 97% in the first half of 2019 compared with 0% for Europe). But there is a lot more to Gama Aviation – including its more-stable and profitable ground division and its government contracts (it is a mistake to see it as just a company for high-net-worth individuals). Its share price seems too low.

What it means for Signature Aviation/BBA (BBA.L)
This sale is not material to BBA – a company with a $2.37bn market capitalisation – but it makes sense. Signature makes its money serving business jet operators, so owning a competitor was never popular with its customers.

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