Transaction Support

Supporting clients with the acquisition or disposal of aviation related assets.

• Deal origination
• Acquisition or Sale Strategy
• Business and Technical Due Diligence
• Structuring a Business for Sale
• Regulatory Review
• Transaction Structuring and Negotiation

After a period of frenetic investment activity, the number and scale of airport transactions have returned to more normal levels.  Debt is less freely available, and there are signs of a less bullish approach to pricing.  Both from the perspective of buyer and seller, this reinforces the need for realistic and insightful external advice.  AviaSolutions provides the insight and works closely with its clients through every step of the transaction process with the primary aim of maximising value.

Target Identification
One of AviaSolutions’ greatest strengths is its knowledge of the air transport market, borne through an industry network that is second to none. This network, supported by our in-depth analytical capability, enables us to spot opportunities ahead of the market and provide first mover advantage to our clients. In the last three years, we have advised on either the buy or sell side on every major airport transaction.

Due Diligence
A thorough Due Diligence (DD) process is vital for assessing the viability of a potential transaction. It will vary depending on whether or not a transaction is pre-emptive or an auction. In most cases however we would recommend a multi stage DD process.:

Stage 1 – a high level DD exercise to determine the broad scope of the opportunity  and to achieve a high level fee for the underlying value and potential returns.

Stage 2 – undertaken on the back of access to an Information Memorandum (IM) or management accounts, this builds on previous work allowing for a more detailed valuation exercise to be undertaken.

Stage 3 – triggered by access to the data room. At this point a thorough understanding of the business is established and with it opportunities to add value over and above that suggested by the IM and management are identified. This is key to maximizing value and ensuring competitiveness in an auction situation.

This process results in the production of a robust business plan including long term passenger income, cost and capex projections.

Financing Support
Key to a successful bid is having the appropriate funding in place. AviaSolutions has significant experience of producing documentation for presenting a compelling investment case in support of raising acquisition finance. AviaSolutions also supports its clients through dialogue and presentations to potential funding providers.

Structuring a Business for Sale
AviaSolutions works closely with sell-side clients to advise on the optimal structure of the business in order to maximise its transaction value. We also work closely with the client’s financial advisors, preparing the IM and building a compelling and robust investment case built on intelligent and defendable long term passenger income, cost and capex projections.