Airline Services plans private equity deal to drive growth
AIRLINE Services Holdings, which last year posted an 82% hike in profits, is open to private equity investment to fuel further expansion.
The Manchester-based company, led by former corporate lawyer Bryan Bodek – a recent winner in the Ernst & Young Entrepreneur of the Year awards, told TheBusinessDesk.com: “If we are to meet our ambitions then we are going to need more firepower and we feel the time is right to look at our options. We would want to find a private equity partner who fully understands our sector.”
In the year to the end of October 2010 Airline Services’ grew profits 82% to £3.6m on turnover up 26% to £40.9m.
Mr Bodek, 58, who joined Airline Services in 2000 from Manchester law firm Kuits said: “We are on track to grow another 18% this year and we have out-performed our business plan every year for the last five years.”
Owned by its management team Airline Services has two main operating hubs at Manchester Airport and at Gatwick. Around 70 people work at its head office in Sharston.
The business works with 165 airlines around the world. It comprises two trading companies Airline Services Ltd and and Airline Services Components Ltd.
The Airline Services busineess has three units – ramp operations, approved workshop and aviation textiles. Ramp operations offers services such as aircraft cleaning, de-icing, carpet installation and aircraft laundry.
The approved workshop has bases in Sharston and Stansted and is focused on aircraft interior repairs, ranging from in-flight entertainment systems, galley equipment and avionics, while aviation textiles manufactures fabric and leather seat covers for a number of airlines and aircraft manufacturers and exports worldwide.
ASC Ltd supplies and repairs rotable aircraft components and has recently moved to a new, larger base at Gatwick Airport.
