Danish small- and mid-cap buyout house Catacap has acquired Copenhagen-based aircraft parts manufacturer TP Aerospace in a management buyout.
According to Danish financial publication Børsen, the buyout had an enterprise value of around DKK 500m and sees the fund acquire 80% of the shares in TP Aerospace.
Founders and owners Peter Lyager and Thomas Ibsø will reinvest alongside Catacap to retain a substantial minority stake in the business.
The GP tapped its maiden fund for equity in the transaction, drawing capital from the 2012-vintage DKK 1.1bn fund. With TP Aerospace, the vehicle has made five investments to date, including the €100m buyout of GSV and Pitzner alongside Access Capital Partners in 2015. Catacap is rumoured to be in the process of raising its second fund, unquote" understands.
In a statement, TP Aerospace said the investment from Catacap forms part of the company's plan to strengthen its strategic and operational competencies.
Founded in 2008, TP Aerospace is a provider of aircraft brakes and wheels.
The company is headquartered in Hvidovre and sells, leases, exchanges and loans after-market wheels and brakes. Additionally, it provides component maintenance, pool, inventory and logistics services.
According to a company statement, TP Aerospace has achieved an average annual growth rate of 30% since 2010. The company generated revenues of $61.38m in 2016, according to public filings, with gross profits of $20.3m. In 2012, the company posted $19.1m of revenues and $5m in gross profits.
The company employs a staff of 170.
Catacap – Vilhelm Hahn-Petersen (partner).
TP Aerospace – Peter Lyager, Thomas Ibsø (co-founders).
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