Baltic private equity firm BaltCap has sold Magnetic MRO to Chinese trade buyer Guangzhou Hangxin Aviation Technology for €43 million.
Magnetic MRO is a full-service aircraft maintenance company which is headquartered in Tallinn. The business provides one-stop total technical care organisation for airlines, asset owners, original equipment manufacturers and operators.
Magnetic MRO sales increased strongly between 2010 and 2017 and the number of employees increased from 160 to over 440. It received Company of the Year and Exporter of the Year awards in 2017 in Estonia.
Guangzhou Hangxin Aviation Technology is an aircraft component maintenance services company.
Risto Mäeots, CEO of Magnetic MRO, said: “Magnetic MRO management has been actively looking for opportunities to expand into Asia, the highest growth market in aviation. Hangxin’s location and service portfolio is complementary to Magnetic MRO, creating substantial synergies and new business opportunities. For the management Hangxin is a perfect match and we are thrilled to start working with their highly professional and energetic team.”
Kristjan Kalda, Chair of the Supervisory Board of Magnetic MRO and Partner of BaltCap, added: “During BaltCap’s ownership Magnetic MRO has grown from small regional player to a profitable global company. This is the largest exit transaction in BaltCap’s history and proves our ambition to create highly competitive Baltic companies.”