Baltic repair specialist Magnetic MRO has completed the acquisition of Netherlands-based line maintenance provider Direct Maintenance.
The agreement, finalized in February but formally announced Monday (Mar. 4), will see Magnetic MRO take 100% control of Direct Maintenance’s shares from its previous owner, Ireland-based Direct Aviation Group. Direct Maintenance will continue to operate under its existing brand.
Having acquired the Amsterdam-headquartered specialist in line services for narrowbody and widebody aircraft, Magnetic says its capabilities will now expand into the widebody segment where it will take on Direct Maintenance’s existing services for Boeing 787 and Airbus A380 aircraft.
Direct Maintenance’s line maintenance capabilities cover Airbus A340, A380 and A350 aircraft, as well as Boeing 747, 777 and 787 aircraft. In addition, it also caters for Embraer 170 and 190 aircraft and MD-11s. It employs approximately 140 staff.
Magnetic says its own line network will now double in size, having taken on all 11 of Direct Maintenance’s line stations which span eight countries providing services for carriers from Europe, Middle East, the U.S. Asia and Africa.
Risto Mäeots, the CEO of Magnetic MRO said in a statement that the acquisition is part of the company’s strategic development plan. “It will allow us to further expand our total technical care program, as well as synergize Magnetic MRO’s and Direct Maintenance’s efforts in customer support, business development, and other areas,” he said.
Speculation around Magnetic MRO’s acquisition intentions started around one month ago, when the company announced the raising of around €8 million ($9.1 million) from a bonds issue, with funds earmarked to acquire one of its competitors. Magnetic MRO has yet to confirm whether the funding was used to acquire Direct Maintenance.