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Macquarie Infrastructure Company Announces Acquisition of Fixed Base Operations by Atlantic Aviation

Dépèche transmise le 21 juillet 2011 par Business Wire

NEW YORK--(BUSINESS WIRE)--Macquarie Infrastructure Company (NYSE: MIC) announced that its Atlantic Aviation subsidiary has entered into an asset purchase agreement for the fixed base operations (“FBOs”) at the Portland International and Eugene airports in Oregon. The FBOs, operating as Flightcraft, Inc., are being sold by The Papé Group, Inc.

“Furthermore, Atlantic was able to sell FBOs at a higher multiple of EBITDA (earnings before interest taxes depreciation and amortization) making these acquisitions accretive to their financial results.”

“We are pleased that Atlantic has been able to expand its market-leading network into the Pacific Northwest,” said James Hooke, Chief Executive Officer of MIC.

“The acquisition of the Flightcraft assets follows the successful sales of certain smaller FBOs in the Atlantic network and reflects the effective redeployment of the proceeds into two high-quality operations,” added Hooke. “Furthermore, Atlantic was able to sell FBOs at a higher multiple of EBITDA (earnings before interest taxes depreciation and amortization) making these acquisitions accretive to their financial results.”

FBOs provide fuel and fuel-related services, terminal operations and aircraft hangaring services to the general aviation community. The FBOs at both the Portland and Eugene airports are the sole providers of these services.

Subject to the satisfaction of the conditions precedent in the purchase agreement, including consent of the relevant airport authorities, MIC expects to close the transaction in August.

About Macquarie Infrastructure Company

Macquarie Infrastructure Company owns, operates and invests in a diversified group of infrastructure businesses providing basic, everyday services to customers in the United States. Its businesses consist of three energy-related businesses including a gas production and distribution business (The Gas Company in Hawaii), a controlling interest in a district energy business (Thermal Chicago), and a 50% interest in a bulk liquid storage terminal business (International-Matex Tank Terminals). MIC also owns and operates an aviation-related airport services business (Atlantic Aviation). The Company is managed by a wholly-owned subsidiary of Macquarie Group. For additional information, please visit the Macquarie Infrastructure Company website at www.macquarie.com/mic. MIC-G

MIC is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of MIC do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of MIC.