Spanish independent fund management firm, GED Capital has made the first investment from its new fund GED VI España with the acquisition of a majority stake in Aircraft Interior Refurbishment España (AIRE), an aircraft cabin interiors MRO specialist.
AIRE was founded in February 2000 and its portfolio of services currently includes the maintenance of seats, galley elements, stowages and panels; the modification and reconditioning of cabins; the manufacture of covers, carpets and adhesive labels; and the certification of modifications to aircraft cabins and its components. AIRE’s clients include aviation companies such as Airbus, Air Europa, Wamos and Vueling.
AIRE is certified by EASA as Part 145 rating C6, Part 21G and Part 21J, allowing the company to be present during the full life cycle of aircraft (design and production of pieces, maintenance and reconfiguration of cabins, delivery and devolution of aircrafts and dismantling).
With annual sales of 14 million euros in 2018 and bases in Madrid and Palma de Mallorca, AIRE currently has a workforce of 120 employees. The investment of GED will strengthen the financial capacity of AIRE, with the aim of supporting its international expansion in Latin America, an emerging market where a significant increase in air traffic is expected in the coming years.
Following the transaction, the current shareholders of AIRE will continue to be involved in the future development of the company and, in addition, will maintain their current managerial positions in order to take advantage of their extensive knowledge of the sector and their capacity to generate new business.
“There are strong trends in the aeronautical sector that support the rationale of our investment in AIRE, such as the positive growth prospect of air traffic and the consequent increase in the number of aircraft both in Europe and Latin America,” stated Enrique Centelles Satrústegui, managing partner of GED.
“Other underlying factors that will contribute to the development of the company are the increase in the popularity of low-cost airlines and strong trends towards outsourcing of services on the part of large airlines as well as towards the customization of aircraft cabins,” he added.