Under the new ownership of Orix Aviation, the Newport-headquartered company is looking to expand further
Newport-headquartered airline AerFin has been bought by a Japanese firm in a £475m deal as it eyes further expansion.
AerFin, a leading aftermarket specialist that buys, sells, rents and repairs aircraft, engines and components, has been acquired by Orix Aviation. The deal was announced earlier this year under regulatory approval.
AerFin is now a subsidiary of Orix Aviation, which is part of the multinational Orix Group registered in New York and Tokyo.
The acquisition paves the way for private equity backers AerFin and majority owner CataCap. Of AerFin’s global workforce of more than 230 around half are based in Newport, which remains committed.
It also has operations in Miami, Singapore and Dublin. Last year completed the relocation from Bedwas to a larger HQ and maintenance facility at Indurent Park in Newport.
Simon Goodson, chief executive of AerFin, said: “This marks the start of an exciting new chapter for AerFin. Joining Orix Aviation provides long-term support, global reach and a shared ambition to accelerate growth.
“I am very proud of our people and everything they have achieved to bring us to this point. Together with Orix Aviation, we are well positioned to build a stronger, more capable business and create new opportunities in the aviation aftermarket.”
James Meyler, chief executive of Orix Aviation, said: “We are delighted to welcome AerFin to Orix Aviation and the wider Orix Group after the completion of the acquisition. This is an important milestone for our business, bringing together complementary capabilities in the aircraft life cycle and strengthening the services we can provide to global customers.
“AerFin has built an impressive platform, supported by an experienced team, deep technical expertise, and a strong global customer network. We look forward to building on this foundation together and creating long-term value for our customers, industry partners and investors, while supporting a more sustainable aviation industry through the reuse and optimization of aircraft assets.”
By 2025, AerFin’s revenues are expected to grow by 25% to around £276m with Ebitda up by 33% to over £52m.
Orix Aviation was advised by Goldman Sachs International as sole financial advisor, Gibson, Dunn & Crutcher as legal advisor, EY as financial due diligence advisor and PwC as tax due diligence advisor.
AerFin was advised by Rothschild & Co as sole financial advisor, Baker McKenzie as legal advisor, KPMG as financial and tax due diligence advisor and BCG as commercial due diligence advisor. Osborne Clarke and Liberty Corporate Finance acted as legal counsel and financial advisor respectively to the management team.