Ixo PE backs Air Support MBO

The transaction sees Air Support CEO Sabine Tertre, who has led the group since 2004, take a majority stake in the company. Air Support founder François Thibert fully exited the company.

Ixo has offices in Toulouse, Marseille and Lyon, and seeks to acquire stakes in SMEs based in south-eastern and south-western France. The GP recently held a final close for the Ixo 3 fund on its hard-cap of €150m, one year after reaching a €85m first close. Ixo 3 typically invests €3.5-15m per deal.

Air Support increased its turnover by 33.5% over the last year and a half, exceeding the €16m mark. Ixo's support will give it the means to continue its expansion and acquire new customers and sites in France and abroad. The company currently owns three manufacturing sites.

Company
Founded in 1992, Air Support provides maintenance, repair, and overhaul (MRO) services for aircraft components in France. It offers services in the areas of lighting systems and galley inserts, fluid systems, such as environmental control systems, landing gear and braking systems, and engine controls and accessories.The company also sells spare parts and spare units for installation on various types of aircraft. It serves airlines, aircraft and engine manufacturers, and MRO service providers.

Based in Pujaudran, near Toulouse, Air Support posted €16.55m in revenues in 2016/17 with €3m in EBITDA, and has customers in 40 countries. The company employs 70 people.

People
Ixo Private Equity – Jean-Luc Rivière (partner); Hasnaa Hafid (investment director); Marie-Laure Joubard (associate).

Advisers
Equity – Exco, André Daïdé (financial due diligence); ERM, Julien Famy (environmental due diligence); Assurinco, Stéphane Juan (insurance due diligence); Alpha Associés Conseil, Anne Tuxagues (legal).
Vendor – Altij, Sylvain Favier (legal).

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