News: MIL Millennium Services to acquire Airlite

Oct 21 (Reuters) - Millennium Services Group Ltd (MIL)

• Millennium to acquire Airlite Group
• Acquisition is expected to be immediately eps accretive
• Entered into a binding agreement to acquire 100% of Airlite Group for $25.1 million
• Acquisition will be funded through a $42 million consolidated debt facility package finalised with ANZ bank
• Acquisition of Airlite is expected to materially alter Millennium's full year FY17 revenue and profit guidance provided on 29 August 2016
• Ross Gavranich, executive chairman of airlite group, will join Millennium Services group board
• Now expects FY17 pro-forma revenue to be in range of $246 million to $256 million
• Pro-Forma capital expenditure is expected to be in range of $4.1 million - $4.6 million
• Expects FY17 pro-forma EBITDA to be in range of $17.7 million to $18.6 million
• Not anticipated that acquisition will lead to material overhead savings for combined group in FY17