A Stockport-headquartered aviation firm specialising in the maintenance, repair and overhaul of aircraft cabin and cargo components has been acquired in a management buyout led by its chief executive and managing director.
Jonathan Bird and Tony Lewin's deal for Aeroco Group was funded by Frontier Development Capital which has previously backed the likes of MusicMagpie, property developer Barberry and fitted furniture company Hammonds.
The multi-million pound transaction comprises Aeroco Group Holdings and its subsidiary companies including Aeroco Group International, Aeroco Aircraft Engineering and Aerograph.
With a new 40,000 sq ft facility in Stockport, Aeroco Group will service new and existing customers throughout Europe, America, the Middle East and Far East.
As part of the change of ownership, original founder William Sheil will exit the business.
Mr Lewin said: "We are delighted to have completed the buyout of the Aeroco Group. Having performed strongly throughout the pandemic, and with new opportunities on the horizon, this is the perfect time to take control of the company to implement our future vision after working together for many years alongside the previous owner.
"We look forward to the future of Aeroco, whilst also wishing Mr Sheil well in his retirement."
Mr Bird added: "We are absolutely thrilled to have completed what has been a long process within a challenging environment and economic climate.
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"We look forward to the start of a new and exciting journey to provide more of the same, with some new and welcomed opportunities in the coming months.
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"I would also like to express my sincere thanks and appreciation of the hard work carried out by the Aeroco team, and express gratitude and goodwill to the departing Mr Sheil, whilst congratulating him on his life-time’s work. We wish him the very best."
Ondrej Okeke, investment director at Frontier Development Capital, said: "Aeroco is a thriving 海角视频 SME, which is very well-placed for continued growth under the experienced stewardship of Jonathan, Tony and their energetic and highly service-driven team of technicians.
"We have been very impressed by the professionalism and innovative approach of the Aeroco team, and we believe they are well-positioned in terms of deep industry knowledge and its expanded manufacturing infrastructure to take the business to the next stage of its development.
"With our new Debt Fund in place, FDC continues to build relationships with ambitious teams like this across the 海角视频 and deliver fit-for-purpose funding solutions for regional businesses, through flexible long term investment."
Legal advice for the transaction was provided by Butcher & Barlow LLP (for the MBO team), Squire Patton Boggs 海角视频 LLP (for FDC), and Gorvins LLP (vendor shareholder).