The deal, which was for an undisclosed amount is LDC’s seventh deal so far in 2010. A part of the Lloyds Banking Group, LDC is a regional mid market private equity house in the UK.
Dorset-based AIM Aviation was founded in 1926 and is a part of the AIM Group of companies. The AIM group employs 800 people across Europe and the US and has a turnover approaching $100 million (£66.5 million). Each company specialises in specific aspects of cabin interior furnishings.
AIM consists of three individual trading businesses: Jecco produces aircraft interiors for airlines including Emirates and Virgin Atlantic; Henshalls produces galley systems for companies including China Southern and EasyJet, and Composites produces materials to customers in aerospace and related industries including Jecco and Henshalls.
The MBO is led by chief executive Mark Edwards, alongside Peter Forbes, commercial director and MD of Jecco, Keith Robinson, MD of Henshalls and Paul Seaford, MD of Composites.
Under the deal, Chris Thomas, who has worked with LDC on previous transactions, will become chairman.
Mark Edwards, chief executive of AIM says: ‘The management team is delighted to be acquiring [the business] at an exciting stage in [its] development. It is well positioned for growth and the financial backing of LDC and strategic support it brings can only help realise these opportunities.’
Banking facilities for the transaction were provided by Paul Whitehouse and Andy Taylor at Lloyds Banking Group and Peter Talbot and David Jamieson at RBS.
