Aviation repair specialist acquired by US operator

A team from Grant Thornton Corporate Finance has advised the shareholders of a Runcorn-based aviation business on its sale to US private equity-backed STS Aviation Group.

Apple Aviation, a successful UK maintenance repair and overhaul (MRO) company, has a 150,000 sq ft maintenance facility in Newquay, Cornwall.

It was founded by engineers Bernard Longman, Scott Whittlestone and Simon Pickford in 2010 and now has annual revenues of around £12m, and long-term contracts with a number of Tier One engineering companies and airlines, including Rolls-Royce.

STS Aviation Group, backed by Greenbriar Equity Group, has an established buy-and-build strategy and will use the acquisition as a springboard for growth in Europe.

Apple Aviation will become part of STS’s MEM (maintenance, engineering & modification) group.

Financial terms of the deal were not disclosed, but the three founders are remaining in their roles.

STS Aviation Group president, Mark Smith, said: “As some may recall, STS made a strategic move into Europe earlier this year after acquiring Triumph Aviation Services’ NAAS Division. And with the recent acquisition of Apple Aviation, our company continues to grow on a global scale.”

PJ Anson, STS chief executive, added: “This is a really exciting time for STS Aviation Group and the clients we service. So many of our existing customers have unique MRO needs outside of the United States, and now we have the facilities, the manpower and the strategic resources necessary to offer a full-range of aircraft maintenance solutions to clients all over the world.”

Bernard Longman, founder and director of Apple Aviation, said: “Apple Aviation is a UK-based MRO that operates globally while supporting various customers including airlines, lessors, military organisations and OEMs (original equipment manufacturers).

“The business had grown rapidly over the last five years, and the founders decided that a partnership through acquisition was the best step forward for the company.

“We met with various investors and decided that the STS Aviation Group history, team and profile was the best fit for our business.

“Together, we look forward to expanding our services across the world as part of STS’s maintenance, engineering & modification group.”

He added: “Scott Whittlestone and Simon Pickford, the other two founders of Apple Aviation, will also be remaining as key members of the management team with the intention of building the leading, third-party MRO provider in Europe.”

The vendors were advised by Chris Ryan, associate director at Grant Thornton’s Liverpool office, assisted by Cariad Mudford.

Chris Ryan said: “The founders of Apple deserve huge credit for building up a really impressive, expanding and profitable business, which has attracted the attention of both trade and private equity investors in the UK and abroad.

“This is a great outcome for all parties. The strategic rationale for STS was incredibly compelling and we wish them all the best for the future.”

The Liverpool office of law firm Hill Dickinson (Matt Noon, Phil Wallbank), provided legal advice to the vendors.