UK-based Menzies has disposed of Menzies Distribution, its print media division, to investment funds managed by Endless, for £74.5 million on a cash and debt free basis. The disposal creates a pure play global aviation services business that is operating in a structural growth market and marks Menzies’ exit from the market for print media and retail logistics.

Newly-appointed CEO, Forsyth Black, said: “I am delighted to have concluded our strategic realignment that will see the creation of John Menzies as a global pure play aviation services business. I believe we are well-placed to deliver our growth ambitions in the structurally growing aviation services market and I am very proud to now lead the business forward as its CEO together with the support of my team.”