FRP secures sale of Specialist Aviation Services to Gama Aviation

FRP’s Restructuring Advisory team has helped sell emergency services provider Specialist Aviation Services Limited (SAS) out of administration to aviation specialist Gama Aviation. 

The primary role of SAS was the provision of air ambulance operations to air ambulance charities. Services included the training and provision of pilots, ground crew and engineers as well as design and manufacturing services and maintenance of the helicopters. 

Following sustained losses over several years, SAS had undergone both an operational and financial restructuring, however the owners of the company subsequently made the decision to exit. 

FRP was subsequently appointed to carry out an accelerated M&A process with a strategic priority of finding a solution that facilitated the continuation of vital air ambulance operations without disruption.

FRP’s Restructuring Advisory team, led by partners Andrew Sheridan and Jonathan Dunn, immediately approached interested parties with an estimated 8 weeks available to complete a transaction before the company’s funds were depleted. Despite a viable offer on the table, it was apparent that more time would be required to facilitate the transaction. 

As a result, the team supported management in an approach for additional funding from its charity customers to provide the additional time required for the transaction. 

Eventually, FRP successfully secured the sale of the company’s business and assets to Gama Aviation, enabling the continuation of trading and seeing all but two of the company’s 184 staff transfer to Gama Aviation. 

Andrew Sheridan, partner, said: “Ultimately the team successfully met their goal to achieve an outcome which secured the continued operations of the vital air ambulance service without disruption.”