Stockport headquartered aviation maintenance, repair and overhaul company, Aeroco Group, has announced it has been acquired via a management buyout (MBO) by its senior leadership.
The new management owners, Chief Executive Jonathan Bird and Managing Director Tony Lewin, acquired the group in a multi-million pound transaction. Original founder, William Sheil, will exit business following the sale.
The new owners are set to continue on the group’s previous growth, and diversify the capabilities of its manufacturing and maintenance repair provisions. Aeroco Group occupies a 40,000 sq ft facility in Stockport’s Aurora Business Park from which it services customers across Europe, the Americas, the Middle East and East Asia.
Tony Lewin, Managing Director, Aeroco, 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.”
Jonathan Bird, Chief Executive, Aeroco, said:
We are absolutely thrilled to have completed what has been a long process within a challenging environment and economic climate. 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. 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.”
The aviation group’s new owners were financed in the MBO deal by Frontier Development Capital. Legal advice for the transaction was provided by Butcher & Barlow LLP (for the MBO team), Squire Patton Boggs UK LLP (for financers), and Gorvins LLP (vendor shareholder).