Graphite buys Aero, bolts on Airbase

According to a source close to the deal, the acquisition of Aero Technics was financed without any debt.

The add-on is part of a build-up strategy by Graphite to set up an aircraft services platform in the UK and abroad. According to the GP, further bolt-ons are currently under consideration within the cabin maintenance segment.

The company expects increased demand for its maintenance services in the coming years, as the £1.7bn-strong UK market grows on the back of larger fleets and the entrance of low-cost airlines.

Graphite has yet to disclose Aero's enterprise value but the GP financed the deal via its eighth fund, which targets companies valued in the £40-150m bracket. The buyout vehicle closed on £500m in September 2013, according to unquote" data; Aero represents its fourth investment and the first to be announced during 2015.

Existing portfolio companies include homecare provider City & County Healthcare Group, acquired for £120m in November 2013, and ICR Integrity and nGage, snapped up in March and November 2014, respectively.

Company
Founded in 2002, Worthing-headquartered Aero Technics designs customised kits used by airlines for maintenance purposes; the range includes aircraft pre-load check and engine change and filter kits. In addition, the business works with composite materials and redesigns the interiors of aircrafts via the Aero Technics Design unit.

Airbase Interiors is headquartered at Gatwick Airport, near Crawley, and focuses on the maintenance, upgrade and dry cleaning of aircraft seats.

People
The Graphite deal was led by senior partner Mike Innes, investment director Simon May and investment manager Alexandra Mills. Steve Cloran founded Aero Technics and will keep his CEO role following the acquisition of Airbase.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Buyouts
• Expansion
• Support services
• UK / Ireland
• United Kingdom
• Graphite Capital