BGF injects £2.8m into RVL

The fresh capital will be used to complete an ongoing oil spill dispersion project and to expand its aircraft fleet.

Following the deal, Graham Cole, former chairman of the West Anglia Aerospace Forum and member of the Ministerial Aerospace Committee, will be appointed as non-executive chairman of RVL.

BGF stated it was attracted to the deal by the company's share of a market with high barriers to entry.

The transaction is BGF's first investment in the aviation industry and its 11th investment in a Midlands-based business – in March 2014, the GP injected £2.8m into Birmingham-based Rutland Cycling to fund the company's national expansion.

Company
Founded in 2007 and based at East Midlands Airport in Castle Donington, Leicestershire, RVL is an aviation company with a fleet of 15 aircraft. The business provides cargo, survey and surveillance services for government and private sector clients, as well as carrying out services for defence equipment manufacturers.

RVL is currently undertaking a project to design and produce a spray system for dispersing oil spills, which will be installed on converted Boeing 737 planes.

People
Tim Whittard, investment director at BGF, will join the company's board as non-executive director. Gavin Petken is Midlands regional director at BGF. Steve Guynan is managing director of RVL.

Advisers
Equity – Shoosmiths (Legal); Parkwest Consulting, Steve Smith (Financial due diligence); Claritas (Tax).
Company – Browne Jacobson (Legal).

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• Topics
• UK / Ireland
• Support services
• Expansion
• United Kingdom
• BGF (Business Growth Fund)