Prospect Capital Corporation Remains Committed to AIRMALL Business Model
PITTSBURGH, August 2, 2010 – BAA USA, developer of the AIRMALL®, the leading airport concessions model in North America, was recently acquired by Prospect Capital Corporation, an investment company based in New York City. Prospect Capital Corporation purchased BAA USA from its previous owners, BAA Ltd., in a transaction that was completed on July 30, 2010.
As part of the transaction, BAA USA will now be known as AIRMALL® USA, Inc.
“At AIRMALL USA, we are anxious to begin this next chapter with our new owners, Prospect Capital Corporation. They have a comprehensive understanding of our value proposition to the airports we serve, to their communities and to the traveling passenger base,” said Mark Knight, president of AIRMALL USA. “Moreover, our new name – AIRMALL USA – represents the true essence of our established brand. With a combination of recognized national and international retailers, high-quality local concepts and a promise of ‘Regular Mall Pricing…Guaranteed,’ the AIRMALL continues to boast the highest per passenger spend of any concessions program in North America. It also consistently wins accolades for innovation and customer service.”
AIRMALL USA remains the manager and developer of retail, food and beverage concessions at Pittsburgh International Airport (PIT), Boston Logan International Airport (BOS) in Terminals B and E, Baltimore/Washington International Thurgood Marshall Airport (BWI) and Cleveland Hopkins International Airport (CLE). The company’s headquarters will remain in Pittsburgh at Pittsburgh International Airport.
“In its two decades, AIRMALL USA has redefined airport retail concessions with a model that focuses on the key stakeholder – the passenger,” Knight continued. “We invented the concept of true street pricing at the airport. Moreover, we were the first to bring top international, national and local retailers onto the concourse. When combined, these two elements represent value to the consumer. With Prospect Capital Corporation as our new corporate parent, we believe our programs will continue to grow, and the industry will continue to take notice.”
Knight went on to highlight the most recent AIRMALL USA accomplishment. On July 26, 2010, AIRMALL USA marked the grand opening of the new AIRMALL at Cleveland Hopkins International Airport. A two-year, $23 million project, the new AIRMALL at CLE encompasses 76,000 square feet of retail space, nearly doubling the size of the previous program. Travelers can now shop and dine at nearly 50 distinct units that include international, national and regional brands. This compares to 40 stores and restaurants with the previous operator. Since AIRMALL USA took over operations, per-passenger spend at the airport has risen from $5.59 to $8.77.
“We were impressed with AIRMALL’s solid, steady performance since its formation nearly two decades ago and its enduring business model,” said Bart de Bie, managing director of Prospect Capital. “It remains the leader in its industry, and we are certain that AIRMALL USA will continue to grow and expand its position in the marketplace in the years to come.”