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Case study

Magnetic MRO AS – Aircraft maintenance and repair

Magnetic MRO (formerly Air Maintenance Estonia) is an aircraft maintenance, repair and overhaul (MRO) provider for a narrow-body fleet situated at Lennart Meri Tallinn Airport. Magnetic MRO provides line maintenance services for the customers in Tallinn and heavy maintenance services for customers primarily based in Northern Europe. The company offers heavy maintenance services to Boeing 737 and Airbus 320 Family aircraft and line maintenance in addition to Embraer, CRJ, Fokker and Saab. Magnetic MRO is relatively small but flexible and reasonably priced MRO in Scandinavian and European market. Since BaltCap’s investment in the company in 2010, Magnetic MRO has powered ahead, building new hangars and expanding both its heavy and light maintenance activities.

Revenue and EBITDA development

Local corporate orphan turned into a global player

BPEF | Exited

Magnetic MRO investment thesis

  • BaltCap acquired 100% of Air Maintenance Estonia from SAS in 2010 through a limited auction process
  • Opportunity to develop an independent leading aircraft MRO company in the region, supported by the industry trend of outsourcing maintenance
  • The only MRO in Estonia, well positioned to serve the European and CIS markets

Value creation

  • New hangar purpose built by Tallinn Airport, allowing to triple capacity
  • Complete management and strategic overhaul
  • Conversion into total technical care provider with global reach
  • Acquisition of MAC Interiors in the UK
  • Establishment of engine stands rental business and a part-out company with Crestline, a US-based investor

Exit in 2018 to a Chinese trade buyer Hangxin after a competitive auction process in 2017.

Buyout

Investment
January 2010 – 2018

Country
Estonia

Turnover (2017)
€ 96 million

Website
magneticmro.com

Case team

Follow a manual added link
Kristjan Kalda

Kristjan Kalda

Partner

+372 665 0284
Kristjan.Kalda {at} baltcap.com

BaltCap
Follow a manual added link
Martin Kõdar

Martin Kõdar

Managing Partner

+372 665 0282
Martin.Kodar {at} baltcap.com

BaltCap
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Peeter Saks

Peeter Saks

Managing Partner

+372 665 0285
Peeter.Saks {at} baltcap.com

BaltCap

Estonia
Skyon, Maakri 30, 24th floor / Tallinn 10145
Phone: +372 665 0280 / Fax: +372 665 0281

Latvia
Jaunmoku 34 / Riga LV-1046
Phone: +371 6721 4225

Lithuania
J.Jasinskio 16b / Vilnius LT-03163
Phone: +370 5 254 6713

Finland
Maria 01, Lapinlahdenkatu 16 / Helsinki 00101
Phone: +358 504913001

Sweden
Epicenter Mäster Samuelsgatan 36 / 111 57 Stockholm
Phone: +46 8 459 30 60

Poland
WeWork, Krucza 50 / Warsaw 00-025

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