Storm Aviation takes off

Gatwick-based Storm Aviation has completed a deal, which sees the aircraft maintenance group’s founders leave the business and management conclude a buy-out.

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.’

Leslie Copeland

Leslie Copeland

Leslie was made Editor for Growth Company Investor magazine in 2000, then headed up the launch of Business XL magazine, and then became Editorial Director in 2007 for the online and print publication portfolio...

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