04 November 2015
Trucking giant looks to diversify with aviation support sector purchase
K&S Corporation has stepped into aviation services with the purchase of Albury-based Aerorefuellers.
The avgas fuelling firm has a fleet of bridging tankers, aviation refuelling-capable semi-trailers and rigid tankers, a tray body truck fitted with tailgate lifter, a two-tonne crane and a service truck.
All vehicles boast specialist equipment and certified fuel delivery componentry and the fleet is fully and professionally maintained, it says.
“The acquisition of Aerorefuellers presents an exciting opportunity for K&S to expand its current transport operations into the aviation sector,” K&S managing director Paul Sarant says.
“Aerorefuellers is a well-managed business with a history of outstanding customer service that is complimentary to K&S’ existing service offering and skill-sets.”
Bought for an undisclosed sum, K&S says the new acquisition currently generates annual revenue of more than $20 million.
Founders Andrew and Amanda Heath will remain involved in the business on an ongoing basis.
Aerorefuellers was formed more than 15 years ago and supplies, manages and/or operates a number of aviation refuelling facilities, predominantly at airfields in regional New South Wales and Victoria.
It also supports aerial fire-fighting activities in several states including NSW, Victoria and South Australia.
The takeover was partly funded from K&S Corporation’s existing debt facilities and partly by the issue of new fully paid ordinary shares.
Extracted in full from ATN.