AIM-listed and India-focused private equity firm Elephant Capital has invested another $750,000 or Rs 3.7 crore in Air Works for an additional 0.7 per cent stake. This investment is the second and final tranche of the original investment announced earlier this year.
With this tranche, Elephant Capital will own 5.5 per cent stake in Air Works for a total of $4.7 million or Rs 23.5 crore. Air Works is also backed by a syndicate of private equity investors such as GTI and New Enterprise Associates (NEA), besides Delhi-based infrastructure firm Punj Lloyd. The GTI Group had invested into the aviation services provider in 2007, along with Punj Lloyd. Last year, both NEA and GTI put in fresh money in Air Works.
Air Works is a provider of aviation Maintenance, repair and overhaul (MRO) services in India besides aircraft painting and refinishing in the UK. Founded in 1951 by the Menon family, the company provides its services to private and commercial aircraft in India, the UK, the Middle East and the South East Asia.
Air Works’ maintenance capability had grown from the DC-3’s it used to maintain in the early 1950s, to approvals for maintaining over 100 business aircraft in India across 14 locations. Air Works is now an authorised service centre for Agusta Westland, Bell Helicopter, Bombardier, Embraer, Garmin, Gulfstream, Hawker Beechcraft, Honeywell, Rockwell Collins and Superjet International.
Air Works is also India’s only EASA, DGCA, GCAA and CAAS-certified MRO with approvals for ATR42/72, Airbus A320 and Boeing B737. Through its Air Livery UK Plc. subsidiary, the company is one of Europe’s largest providers of aircraft paint services.
Air Works had acquired the UK-based aircraft refinishing company Air Livery for an estimated amount of Rs 112.5 crore, making it one of the world’s largest providers of aircraft paint services.