BaltCap acquires 100% of Air Maintenance Estonia
BaltCap, the leading private equity and venture capital investor in the Baltic States, acquires 100% in Estonia’s leading aircraft maintenance, repair and overhaul (MRO) company Air Maintenance Estonia (AME) from Scandinavian Airlines (SAS).
“BaltCap is excited to acquire a knowledge-based, export-oriented industrial company in Estonia with great outlook. AME has highly skilled and creative workforce – more than half of the 160 employees have higher education,” said Kristjan Kalda from BaltCap.
“BaltCap will support Air Maintenance Estonia’s expansion strategy. During next two years we intend to double the existing production capacity.”
“AME is a company with open culture and international staff. Our skilled workforce, the excellent and developing infrastructure of Lennart Meri Tallinn Airport, and the aviation engineering training provided by the Estonian Aviation Academy make us highly competitive on the international aircraft maintenance market,” said Lars-Olof Bolinder, CEO of Air Maintenance Estonia.
“Now is the right moment to carry out the expansion and we expect BaltCap as the strongest financial partner of the Baltic region to assist in reaching these goals.”
“SAS has been the owner of Air Maintenance Estonia since 2003. SAS is concentrating on its core activities and exiting maintenance operations is part of our strategy. AME needs new investments for further expansion and therefore sales to BaltCap is a logical step,” said Sture Stölen, Vice President SAS Investor Relations.
Air Maintenance Estonia started its operations in 1995, providing maintenance services to Estonian Air aircrafts. Since 2002 the company is operating independently.
The clients of Air Maintenance Estonia are different European aviation companies, including Estonia’s national carrier Estonian Air. In 2009, the company’s turnover was EEK 196m.
Lars-Olof Bolinder will continue as CEO of Air Maintenance Estonia.
The parties have agreed not to disclose details of the transaction value.
SEB Enskilda Corporate Finance acted as sole financial adviser to SAS.
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Air Maintenance Estonia
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