Babcock to acquire Avincis for €2bn

The deal sees the London headquartered engineering support services-company acquire the entirety of Avincis’ issued share capital.

In a statement Peter Rogers, chief executive of Babcock, said: It [the acquisition] brings into the Babcock Group a market-leading business, delivering mission critical services and complex engineering support to blue-chip customers in multiple geographies. Avincis already has a strong growth platform and its combination with Babcock will generate even greater expansion opportunities and value creation for Babcock’s shareholders.’

Avincis is a supplier of helicopter and fixed-wing emergency services (medical, search and rescue (SAR), fire-fighting, surveillance and civil protection) as well as being a supplier of helicopter services to the oil and gas industry in the North Sea and Australia.

Avincis has achieved a double-digit organic revenue growth rate since 2005, when Investindustrial acquired the company, and further enhanced its positioning and expansion since KKR’s entry in 2010. At the end of December 2013, Avincis had an order book of €2.3bn, a 30 per cent increase on 2012.