Chinese engineering and repair specialist Guangzhou Hangxin Aviation Technology has acquired Magnetic MRO after buying 100% of shares in the Estonian company.
Announced today (Jan. 3) in a statement, Magnetic MRO said Hangxin will now be the sole strategic investor after acquiring the shares from its private equity parent company BaltCap along with unnamed minor shareholders.
A spokesperson told MRO-Network.com that further details of the change in ownership will be unveiled in March 2018 when all formalities are expected to be finalized.
Risto Mäeots, CEO of Magnetic MRO, said the change in shareholders comes at a time when the company is looking to expand its global presence. “Magnetic MRO management has been actively looking for opportunities to expand into Asia, the highest growth market in aviation,” he said.
“Hangxin, with its existing geographical presence and service portfolio, is complementary to Magnetic MRO, creating substantial synergies and new business opportunities.”
BaltCap, a venture capitalist with interests in Estonia, Latvia and Lithuania, has held a stake in the company since 2010. During this period, it states that Magnetic MRO has seen sizeable growth including a near trebling of staff numbers to 440 people by the end of 2016.
Magnetic MRO, which rebranded in September 2014 from its previous guise as Air Maintenance Estonia, has set about introducing new capabilities such as aircraft paint services, expanded approvals including FAA certification and investment in emerging technologies like virtual reality platforms.
It has also made acquisitions of its own in the form of UK-based aircraft interiors specialist MAC Interiors, a deal which was finalized in February 2016.