World Kinect Corporation has signed a definitive agreement to sell air charter sourcing platform Avinode Group, and its portfolio of aviation FBO software products, to CAMP Systems International for approximately $200 million.

"This sale represents another step in sharpening our portfolio, all while generating a solid return," says chairman and CEO Michael J Kasbar. "We look forward to providing an update on our unique position in the markets we serve and our clear strategy to capture opportunities across our three business segments at our upcoming investor day."

"In the short-term, we plan to use the net proceeds from this strategic sale to repay debt, reducing our annual run rate of interest expense by approximately $10 million," adds EVP and CFO Ira M Birns. "Longer term, this transaction should provide us with additional liquidity to invest in our core distribution platform and emerging sustainability offerings."

This acquisition will allow Avinode Group and CAMP Systems to further invest in building great software products and services for their customers and the business aviation industry, and drive the evolution towards seamless workflows.

"We are excited to partner with the Avinode Group and FBO team. Both organisations have a strong track record of delivering innovative, market-leading products. This represents a complementary extension of our business and platform to bring exciting new opportunities to the market and better serve our expanding customer base," says Sean Lanagan, president and chief executive officer, CAMP Systems.

Oliver King, Avinode Group CEO, adds: "CAMP Systems International is a highly respected aviation software and marketplace provider. We are excited about the possibilities the partnership between our companies will bring to our customers. We thank World Kinect Corporation for the continuous support and our ongoing relationship."

Avinode's members and partners can expect uninterrupted service and support during this transition. Avinode Group will continue to operate as a stand-alone brand and its employees and the management team will continue in their current roles and positions.

CAMP is an aircraft health management and enterprise information systems solution that also operates the largest digital marketplace for parts, services and aerospace business intelligence. Its aircraft health management services are provided to 20,000 aircraft and over 30,000 engines and its software solutions support over 1,500 service centre and maintenance, repair and overhaul organisations. Its global digital marketplaces enable over 30,000 users to execute millions of business transactions annually.