Matrix Private Equity Partners, which runs a number of VCTs, has invested £1.6 million of equity in the BIMBO with HSBC providing £1.8 million of debt.
Storm, set up six years ago, services planes for both UK and overseas airlines and has benefited from a trend to outsource such work. In addition the group recruits and trains pilots and aviation engineers. The company, which turned over £8 million last year, currently employs 100 people at 11 locations. No valuation was disclosed.
Matrix’s Jonathan Gregory, who becomes a non-executive director, expects ‘significant growth’ as the trend for outsourcing continues, driven by the need to ‘secure the economies and flexibility.’