Legg Mason Inc.'s merchant banking subsidiary has signed a definitive agreement to acquire Atlantic Aviation Corp., the Baltimore-based brokerage and investment banking firm said yesterday.
Atlantic Aviation, privately held and based in Wilmington, Del., specializes in after-market services including, aircraft maintenance, spare parts supply, and avionics installation and repair.
"It certainly is one of the larger and more well-known companies in the industry," said Josh Hall, managing director of Legg Mason Merchant Banking Inc. "We feel confident about the growth of the industry going forward."
He declined to disclose the price of the transaction. The deal is expected to close sometime next month.
Atlantic had $73 million in revenue in 1996, and employs about 500 people.
It recently entered into a joint venture with Texaco to operate an airline and business aircraft fueling operation in Valencia, Venezuela. It also signed an agreement with Galaxy Aerospace to become an authorized service center for Astra, West-wind and Galaxy business jets.
Hall said Atlantic is the third deal Legg Mason Merchant Banking has put together in the past 1 1/2 years with this specific pool of money, which was raised from fewer than 100 investors.
He would not reveal the size of the fund or name the other companies it has acquired.
Shares of Legg Mason closed yesterday at $58.25, down 87.5 cents.
Pub Date: 8/14/97