AGIC Capital, the private equity group specializing in industrial and medical technology investments, has acquired MRO supply chain management company Farsound Aviation for a reported £115 million ($142.7 million) from owner Rubicon Partners.
In a statement released Monday (July 15), Farsound said the business will continue to operate as normal on a day-to-day basis under the new ownership structure. However, it said that having access to greater resources will enable it to pursue capability additions while pursuing new opportunities in the Asia-Pacific region.
The company added that it will look to continue developing existing and new customer and supplier relationships. Headquartered in Romford, Essex, its offerings include kitting services for MRO providers, where it delivers parts to companies on a consigned basis.
Farsound Aviation also provides line feed solutions, carousels and vending machines for parts storage and warehouse management services. In total, the company estimates that it has around 125 customers worldwide and reported turnover of £18.5 million in its most recent accounts posted last year.
Rubicon Partners, a London-based private equity, bought Farsound Aviation in July 2011. In the past eight years during its ownership, it has overseen the company sign multiple new contracts along with growing its customer base in regions such as the Middle East and Asia-Pacific. Farsound Aviation also acquired consumable parts supplier Sterling Aircraft Products one year ago.