Menzies Aviation Net Worth 2026: Valuation & Financials

Menzies Aviation's net worth, measured as fully diluted equity value at the time of its final public transaction, was approximately £571 million (around $715 million at contemporaneous exchange rates). That figure is not an estimate or a model output: it is the cash consideration paid to shareholders when Agility Logistics (via its Bidco vehicle) acquired John Menzies plc and the company was delisted on 4 August 2022. The implied enterprise value disclosed by Bidco in the same transaction was approximately £763 million. Both numbers are the most reliable valuation reference points available for this company and are used as the basis for everything that follows.

Top-line valuation estimate and date

The valuation date used throughout this profile is 4 August 2022, the Scheme Effective Date on which John Menzies plc was taken private. The final cash offer price was 608 pence per ordinary share, applied to a fully diluted share count of 93,915,752 shares, producing an equity value of £571,007,772, which the Scheme documentation rounds to approximately £571 million. Final cash consideration agreed and paid to ordinary shareholders under the Scheme: 608 pence (GBP) per ordinary share The RNS confirms the final cash consideration paid to ordinary shareholders under the Scheme was 608 pence (GBP) per ordinary share.. The enterprise value as disclosed by Bidco was approximately £763 million. Because the company is no longer publicly traded, no market-quoted equity price exists after that date, and no subsequent audited accounts have been made public as a standalone entity. These two figures from August 2022 therefore represent the last verified, transacted valuation for Menzies Aviation.

What 'net worth' actually means for an aviation services group

When people search for a company's 'net worth,' they usually mean one of three things, and the distinction matters a lot for an asset-heavy, debt-carrying business like Menzies Aviation. Market capitalisation (or equity value) is simply the share price multiplied by the number of shares outstanding. It represents what equity holders collectively own after all debt and other claims are satisfied in theory. Enterprise value (EV) is the total cost to acquire the whole business, including taking on its debt and minority interests, and subtracting any cash on the balance sheet. It is the number most commonly used in M&A transactions because it reflects the true economic cost of ownership regardless of how the business is financed. Book equity value (or net assets) is the accounting figure from the balance sheet: total assets minus total liabilities. For asset-light tech companies these three numbers can be fairly close, but for Menzies Aviation they diverge significantly because the group carries several hundred million dollars of debt and operates with material lease liabilities under IFRS 16. The £571 million figure is an equity value; the £763 million figure is the enterprise value. Neither is simply 'assets minus liabilities' in the traditional personal net worth sense.

The financial inputs behind the valuation

The primary sources for the figures below are the John Menzies plc Annual Report and Accounts 2021 (the last full-year report filed before the acquisition), the Rule 2.7 Recommended Offer announcement from March 2022, the Scheme Document circular, and the RNS announcement confirming the Scheme became effective on 4 August 2022. All revenue and balance-sheet figures are presented in US dollars as reported, because John Menzies plc reported in USD despite being a UK-listed company. The share price and equity value figures are in GBP as disclosed in the Scheme documentation.

• Revenue (year ended 31 December 2021): $1,352.5 million
• Underlying operating profit (year ended 31 December 2021): $75.8 million
• Gross interest-bearing loans and borrowings (31 Dec 2021): $753.6 million
• Cash and cash equivalents (31 Dec 2021): $254.2 million
• Net borrowings (book, pre-IFRS 16 adjustment): $499.1 million
• Investments in joint ventures and associates (carrying value, 31 Dec 2021): $20.8 million
• Net retirement benefit position (31 Dec 2021): net asset of $2.4 million (obligation $502.9m; fund assets $505.4m)
• ROU asset depreciation (IFRS 16, 2021): $82.9 million
• Lease interest charge (IFRS 16, 2021): $9.7 million
• Fully diluted share count (Scheme basis): 93,915,752 shares
• Offer price: 608 pence per share
• Equity value (fully diluted): £571,007,772 (approximately £571 million)
• Enterprise value (Bidco disclosure): approximately £763 million

A note on IFRS 16 and net debt: the Bidco EV build used net debt on a pre-IFRS 16 basis, meaning lease liabilities were excluded from the net debt figure used in the EV reconciliation. This is a common approach in aviation services M&A, where operating leases for ground equipment and vehicles are substantial and excluding them gives a cleaner comparison to pre-IFRS 16 precedent transactions. The company's main committed debt facilities as of December 2021 comprised a $235 million amortising term loan and a £145 million revolving credit facility, both maturing in January 2025, supplemented by various government-backed pandemic support loans.

Key numbers at a glance and the valuation calculation

The equity value calculation is straightforward and fully reproducible: 608 pence multiplied by 93,915,752 fully diluted shares equals £571,007,772, which rounds to £571 million. The EV reconciliation follows standard M&A convention: start with fully diluted equity value (£571m), add net debt on a pre-IFRS 16 basis (approximately $267 million, converted to GBP at the rate prevailing at announcement), add non-controlling interests (approximately $14 million), and subtract the carrying value of investments in joint ventures and associates ($20.8 million). The Scheme documentation states the result as approximately £763 million. The small rounding difference between an arithmetic build and the disclosed £763 million figure reflects currency conversion timing and minor rounding in the Scheme circular, but the numbers are consistent. EV/Revenue on a 2021 basis works out to approximately 0.56x ($763m EV in GBP equivalent divided by $1,352.5m revenue). EV/Underlying operating profit comes to approximately 10.1x ($763m / $75.8m), though operating profit is not a perfect EBITDA proxy given the lease accounting adjustments.

Estimate notes: assumptions, sensitivity, and data limits

The equity value and EV figures here are not model estimates: they are transaction prices paid in an arm's-length acquisition, making them unusually reliable for a 'net worth' profile. The main caveat is that both figures reflect the situation as of 4 August 2022. Since that date, Menzies Aviation has operated as a private subsidiary of Agility Logistics (registered in Kuwait). It no longer files accounts with Companies House as a standalone listed entity, and no public financial statements covering 2022, 2023, 2024, or 2025 operations have been made available as of the date of this article (July 2026). That means there is no updated equity value or EV available from public sources. Any post-2022 valuation would require either a new public transaction, an IPO, or debt market disclosures that contain valuation references, none of which have occurred publicly.

The sensitivity of the equity value to the offer price is linear: a 10 pence per share change would move the equity value by approximately £9.4 million given the fully diluted share count. The EV is more sensitive to the net debt assumption; if net debt on a pre-IFRS 16 basis had been $50 million higher, the EV would have increased by roughly £40 million at a GBP/USD rate of around 1.25. The pension position was approximately neutral at the transaction date (net asset of $2.4 million), so it was not a material driver of the EV figure, though a large swing in pension deficits or surpluses can significantly affect equity value in defined-benefit-heavy businesses.

Ownership structure and key events affecting value

John Menzies plc was a FTSE-listed UK company until its delisting on 4 August 2022. The acquisition was structured as a court-sanctioned Scheme of Arrangement under Part 26 of the Companies Act 2006, with the bidding vehicle (Bidco) ultimately owned by Agility Logistics Holdings, part of the Agility group controlled by Tarek Sultan Al-Essa and the Al-Essa family of Kuwait. National Aviation Services (NAS), which Agility had previously built into a leading ground handling group across the Middle East and Africa, was the strategic rationale for the combination: merging NAS with Menzies Aviation created one of the world's largest ground handling and aviation fuel services networks, spanning more than 200 airports in over 35 countries.

The acquisition bid process itself was competitive. A prior unsolicited approach at 460 pence per share was publicly rejected by the John Menzies board in early 2022 before a revised and recommended offer was made at 608 pence, representing a premium of approximately 32 percent to the undisturbed share price immediately before the first approach became public. Several institutional investors held significant stakes: the Menzies family's founding interest had long since been diluted, but the company still carried the name. Following completion in August 2022, 100 percent of the equity is held within the Agility group. There are no publicly traded securities remaining.

Other material events affecting value in the years prior to the acquisition include the severe impact of COVID-19 on airport operations from 2020 onward (ground handling volumes collapsed with passenger traffic), the government-backed loans taken on during that period, and the partial aviation recovery in 2021 that produced the $1,352.5 million revenue figure. The 2021 revenue was still below pre-pandemic levels; 2019 revenue had been approximately $1.6 billion. The distressed balance sheet from the pandemic period partly explains why the Bidco could acquire a strategically important global network at a relatively modest EV/Revenue multiple.

How Menzies Aviation compares to peers

Aviation ground handling and fuel services is a capital-intensive, operationally leveraged sector with a small number of large public or recently transacted comparables. The main peers are Swissport (private, owned by a consortium), dnata (private, part of Emirates Group), Worldwide Flight Services (private equity-backed), and to a lesser extent publicly listed airports services companies like Menzies's then-listed peer John Wood Group on the infrastructure side. On the fuel services side, World Fuel Services (now Texus Capital, NYSE: INT) provides a partial public market reference. The table below shows the approximate valuation multiples implied by the Menzies transaction alongside indicative ranges for comparable businesses.

The Menzies transaction EV/Revenue multiple of approximately 0.56x is at the lower end of the ground handling peer range, which is consistent with the company having been acquired during an incomplete air traffic recovery. A fully normalised revenue base of around $1.6 billion (the 2019 level) would imply an EV/Revenue of approximately 0.48x on the £763 million EV, even lower. Ground handling businesses typically trade at 0.5 to 1.0x revenue and 8 to 14x EBITDA depending on geographic mix, contract length, and leverage. Menzies's EV/underlying operating profit of approximately 10x falls squarely within the sector norm, though underlying operating profit excludes IFRS 16 lease charges and depreciation that inflate EBITDA-based multiples. Adjusting for lease depreciation ($82.9 million in 2021) and lease interest ($9.7 million) would produce a meaningfully higher EBITDA figure, which would compress the EV/EBITDA multiple further relative to peers using pre-IFRS 16 accounting.

Name disambiguation: other 'Menzies' profiles on Celebrity Worth Database

Searches for 'Menzies net worth' or 'Menzies Aviation' sometimes land on profiles for individuals who share the Menzies surname or a phonetically similar name. This is a corporate profile for the aviation services company John Menzies plc, which traded under the Menzies Aviation brand. It is entirely separate from the personal net worth profiles listed below. If you arrived here looking for a person rather than a company, the following profiles on Celebrity Worth Database may be what you need. If you meant an individual, see the Ty Menzies net worth profile for that person's valuation. If you meant the footballer Stanley Menzo, see the Stanley Menzo net worth profile on Celebrity Worth Database. If you meant an individual, see the Alex Menache net worth profile on Celebrity Worth Database for that person's estimated assets. If you meant the individual Kim Menzies, see the Kim Menzies net worth profile on Celebrity Worth Database for that person's estimated net worth and biography. If you were looking for an individual's finances rather than the corporate profile above, see the Sam Menzin net worth profile on Celebrity Worth Database for that person's estimated net worth and biography. If you intended a musician rather than the company, see the Nick Menza net worth profile for that individual's estimated assets.

• Jamal Menzies: a reality television personality known from '90 Day Fiance'; his personal net worth profile covers his career earnings and estimated wealth.
• Kim Menzies: also associated with '90 Day Fiance'; her personal financial profile documents her background and estimated net worth separately from Jamal.
• Ty Menzies: a profile covering an individual by this name; unrelated to the aviation company.
• Nick Menza: the late drummer best known for his work with Megadeth; the name sounds similar but is spelled differently and is wholly unrelated to Menzies Aviation.
• Sam Menzin: another similarly spelled name covered in a separate profile on the site.
• Alex Menache: a variant spelling covered separately; no connection to the aviation company.
• Stanley Menzo: a former professional footballer; covered in a separate profile and unrelated to the aviation group.

The company name traces back to John Menzies plc, a Scottish distribution and retail business founded in 1833. The aviation services division was separated and rebranded as Menzies Aviation, eventually becoming the core of the public company before the Agility acquisition in 2022. The Menzies family name is Scottish in origin (pronounced 'MING-iss' in traditional Scottish usage, though 'MEN-zeez' is widely used in an aviation business context), which is a separate etymological branch from any of the individuals named above.

A note on methodology and data transparency

This profile follows the same methodology used across Celebrity Worth Database for corporate entities: identify the most recent arm's-length transaction or market-derived valuation, reproduce the disclosed inputs as published in regulatory filings or announcement documents, show the arithmetic explicitly, and flag every figure with its source. For private companies or delisted entities, transaction prices from acquisitions or capital raises are treated as the most reliable proxy for equity value, since they reflect what an informed buyer actually paid rather than a modelled estimate. Where figures are estimates or conversions (such as GBP/USD translations), that is stated. The research for this article drew on John Menzies plc's 2021 Annual Report and Accounts, the Rule 2.7 Recommended Offer announcement published on the London Stock Exchange's RNS service in March 2022, the Scheme Document circular sent to shareholders, and the RNS announcement confirming the Scheme became effective on 4 August 2022. No proprietary financial model or third-party database estimate was used as a primary source for the headline figures.