Estonian maintenance provider Magnetic MRO is to be acquired by Guangzhou Hangxin Aviation Technology.
Magnetic MRO says the Chinese company will buy the entire shareholding from majority owner BaltCap and several minority investors.
Listed on the Shenzhen stock exchange, Hangxin is active in the fields of component repair, aircraft retrofit, aviation equipment research and development, and aircraft data analysis.
Magnetic MRO's chief executive Risto Maeots states that it had been "actively looking for opportunities to expand into Asia" and that the new investor's activities will be complementary to the support specialist's business.
The deal will create "substantial synergies and new business opportunities", Maeots adds.
Noting an increase in its staff level – to 440, from 160 in 2010 – Magnetic MRO says it expects to grow at same rate "over the upcoming years".
Hangxin vice-president Lv Haibo states: "We fully support the existing strategy and executive management team." The buyer will, he adds, support the Estonian company in "expanding its global MRO presence".
Private equity firm BaltCap acquired the Tallinn-based MRO operation from SAS Group in 2010 and named it Air Maintenance Estonia. In 2014, former FL Technics chief executive Jonas Butautis came on board to lead an expansion strategy, and the business was rebranded Magnetic MRO.
Magnetic MRO has opened additional facilities and branched out into activities including aircraft painting, disassembly and asset management.
Source: FlightGlobal.com
