Mid-market private equity firm LDC, part of Lloyds Banking Group, has supported the management buy-out (MBO) of Airline Services.

While terms of the deal are undisclosed, LDC says it is making a ‘significant investment’ in the business, which has a turnover of £60 million.

The Manchester-headquartered business provides maintenance, repair and overhaul services to 100 airlines and aviation businesses in the UK and internationally. It has bases in major UK airports including Manchester and Gatwick.

The transaction is the third completed by LDC’s Midlands team using capital from its £200 million manufacturing and specialist engineering commitment.

Bryan Bodek, chief executive of Airline Services since 2000, comments, ‘LDC’s investment and support brings additional strategic input and financial backing to our business and will help us to deliver our ambitious growth plans.’

Bodek, who led the MBO, adds that as well as increasing the pace of its organic growth, Airline Services will also look to complete a number of bolt-on acquisitions.

Steve Aston, investment director at LDC and deal leader, says, ‘Airline Services is a market leading business with an impressive and unique service proposition. Its integrated “turnaround” services model is increasingly being adopted by scheduled airlines as well as those operating a low-cost model.’

As part of the MBO, Aston and investment director Jon Pickering will join the board with immediate effect.