As part of a $69m cash and debt free basis, the acquisition is subject to customary approvals and is expected to complete by the end of 2013.
The acquisition of the site’s largest operator strengthens Signature’s existing position at the airport, tripling its property to 1,170,000sq ft of hangar space, ramp, passenger lounges and office space.
Signature, part of global aviation support and aftermarket services provider BBA Aviation, will also own and operate the dedicated NetJets facility on the field – the second such facility in its network.
The acquisition is expected to meet BBA Aviation’s 12% pre-tax return on invested capital target by year three.
Van Nuys Airport serves the greater Los Angeles metropolitan area and currently ranks as the sixth busiest business and general aviation airport in the US.