Signature Completes Maguire Aviation DealFriday, January 10, 2014
Signature Flight Support Corp. has closed on its deal to acquire the assets of Maguire Aviation Group LLC at Van Nuys Airport.
The deal between Maguire Aviation and Signature, owned by BBA Aviation in London, is valued at $69 million.
The acquisition has Signature taking on 1.17 million square feet of hangar, office and ramp space, and passenger lounges, in addition to its existing fixed base operations. That makes it the airport’s single largest tenant.
However, Maguire Aviation owner Robert Maguire is retaining an interest at the airport. The Los Angeles real estate developer, through his Maguire Investments, has the rights to build out an additional 900,000 square feet of fixed base operations for Orlando, Fla.-based Signature.
All the facilities will be branded as Signature except for the passenger terminal built by Maguire for air charter firm NetJets.
“The expanded Signature Flight Support footprint created by this acquisition provides our customers with additional world-class flight support services at Van Nuys,” said Signature President Maria Sastre, in a prepared statement.
In early December, the Los Angeles Board of Airport Commissioners approved transferring the leases from Maguire Aviation to Signature.