LA’s Global Eagle swoops for in-flight media provider IFE
A A CHESHIRE company which provides in-flight entertainment services to airlines around the world has changed hands in a £22m deal.
Knutsford-based IFE Services has been sold by its private equity owner, Growth Capital Partners to Los Angeles company Global Eagle Entertainment.
IFE Services provides in-flight entertainment – including multi-language films, TV programmes, mobile apps and safety videos – to more than 40 airlines such as Emirates and Thomson.
Dave Davis, chief financial officer of Global Eagle, said: “This is another transaction that we expect to be highly complementary to our existing business.
“In addition to adding IFE Service’s strong cash flows, we believe we can unlock substantial efficiencies from our combined operations to the benefit of our shareholders.
“At the same time, we continue to be in a solid position to pursue additional acquisitions given our healthy balance sheet, strong management team and growing global footprint.”
IFE Services generates EBITDA of £5m of turnover of £25m. Its headquarters are in Knutsford, where around 60 staff are based, and has nine regional offices around the world, employing a further 20.
Adam Maidment, managing director of GCP Capital Partners, added: “Having supported the business and the management team of IFE over the last five years, we are delighted that, in Global Eagle, IFE Services has a supportive new owner that will be able to capitalise on its achievements to date.
“We would like to thank the CEO, Andy McEwan, and his team for their excellent work over the last few years and we wish them well in this next phase of the business’ development.”