March 13 - Merger talks between the Air Charter Service Group (ACS) and Oxford-based aircraft management company Hangar 8 have been terminated, ACS confirmed today..
In an offical statement, ACS noted that: "Whilst we believe that the merger of the two companies in the form of a reverse takeover would have been profitable for both parties in principle, after due diligence enquiries along with lengthy discussions, the Air Charter Service Group board did not feel that some aspects of the deal to merge with Hangar 8 as it stood were in the long-term interests of the company and its stakeholders. Unfortunately these issues could not be resolved and consequently discussions have ended."
Air Charter Service added that it will continue to look for new opportunities to expand its business in addition to its organic growth which includes the opening of a new office to open in Houston in May motivated by the increasing number of cargo and passenger clients in the region, especially companies involved in the oil and gas industry,
Chris Leach, founder and chairman of ACS, commented: "Our North American operations grew by 30 percent last year and, based on the increased demand we have seen from our customers around the Houston area, we wanted to better serve them with a more local presence.
Heading up the operation will be Dustin Roades, who is currently a department manager in the company's New York office and has been with ACS for almost five years.