Mercury deal imminent
A source close to the Mercury Air Centers division of Mercury Air Group told AIN at press time that plans to sell the division to Washington, D.C.-based Allied Capital are moving forward. With due diligence ongoing, the target date for closing the $70 million deal is the end of this month. Mercury Air Centers, one of four divisions of Mercury Air Group, operates 19 FBOs nationwide. Preliminary negotiations involved Allied purchasing $24 million in Mercury Air Group debt before the end of last year. While the parent company has had its financial difficulties over the past few years, the Mercury Air Centers division has not registered a losing financial period in several years, according to division COO John Enticknap.