Tue, 16 Jul 2019 | BUSINESS SALE
A supply chain management company operating in the aviation sector has been sold by Rubicon Partners to AGIC Capital in a £115 million deal at the end of an eight-year holding period.
Established in 1986, Farsound Aviation has been taken over by AGIC in a bid to improve its supply chain services capability by providing the company with new resources, with the possibility of expanding further in Asia – in particular, China.
Specifically, the business, headquartered in Romford but also operating in five different locations across the world, supplies C-Class and B-Class consumable parts to a range of clients in the aero-engine industry.
Ben Mitchell, the vice president of AGIC, said: “Farsound has developed a highly distinctive business model, built long-term customer partnerships and established itself as a leader in a large and growing market.
“Farsound’s significant growth potential is underpinned by structural growth in the global commercial aircraft fleet, particularly in Asia where economic development and demographic changes are driving huge demand for air travel.
“The trend towards greater outsourcing by MRO providers supports the potential for Farsound to grow ahead of the market.”
Farsound Aviation’s chief executive, Kevin Sargent, added: “I’m very excited by this new phase in our development.
“Farsound has come a very long way in the past five years and I am very confident that with the support and backing of the AGIC team, we will continue that rapid growth […] to further enhance Farsound’s position in the market.”
The deal was financed by BlackRock, HSBC and Investec, whilst PwC, EY and KPMG, amongst other professional advisory firms, advised AGIC.
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