Energy management company World Kinect yesterday announced plans to sell charter information platform Avinode Group to Camp Systems International for $200 million in cash. The sale includes World Kinect’s aviation software that serves the FBO market.
World Kinect expects the deal to close within 60 days and plans to use the proceeds to repay debt and reduce its annual run rate of interest expense by approximately $10 million, according to company executive v-p and CFO Ira Birns. “Longer term, this transaction should provide us with additional liquidity to invest in our core distribution platform and emerging sustainability offerings.”
Camp is a subsidiary of Hearst and specializes in aviation management services such as maintenance tracking, engine health monitoring, inventory management, and flight scheduling. Customers include more than 30,000 users and 1,500 MRO facilities supporting more than 20,000 aircraft and 30,000 engines.
“We are excited to acquire the Avinode Group and FBO products with their strong track record of delivering innovative, market-leading solutions,” said Camp Systems CEO Sean Lanagan. “This acquisition represents a complementary extension of our business and platform, to bring exciting new opportunities to the market and better serve our expanding customer base.”