Baltcap sells Magnetic MRO to trade for €43m

Baltcap held a 70% stake prior to the transaction, through a Jersey-based subsidiary. Other minority shareholders included Cypriot investment companies Sasmex Investments and Tairavia Services, with a joint holding of 21%.

Under Baltcap's ownership, the number of employees increased from 160 to 440.

Acquisition debt for the transaction will be arranged by Luminor.

Previous funding
Baltcap acquired Magnetic MRO (then Air Maintenance Estonia) from SAS in 2010, in an all-equity deal thought to be worth less than €25m. At the time, the company reported a €2m EBITDA from a €12m turnover.

Company
Magnetic MRO has been in operation since 1995, initially as a maintenance provider to Estonian Air, which remains a customer. It services aircraft in its hangars in Tallinn, and its clients include Brussels Airlines, AirBaltic, Austrian Airlines, Thomas Cook and FedEx. Magnetic MRO projects a €70m turnover for 2017 and employs 440 people.

People
Magnetic MRO – Risto Mäeots (CEO).

Advisers
Acquirer – EY (financial due diligence).

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

• Topics
• Exits
• Industrials
• CEE
• Estonia
• Trade sale
• Baltcap Management Ltd