Case study

Engine and accessory maintenance for the aviation industry

TEAM Accessories

Led by directors Pat McEvoy and Tom Gibbons, Dublin-based TEAM Accessories provides overhaul, testing and repair services for the aerospace and industrial sectors. Founded in 1995, TEAM Accessories was born out of necessity. “The founders experienced a shortage of high-quality repair companies supporting complex engine accessories and components and so the business opportunity was identified,” Pat explains.

In the following years, TEAM Accessories grew from 10 to 40 people – but growth wasn’t always easy, Pat explains. “For a small company close to Dublin Airport, it takes a lot to get your profile out there because you’re dealing with customers all over the world.”

Despite some difficult market conditions, TEAM Accessories’ reputation for quality service and innovation helped the company grow. In the following years, the business received a number of acquisition bids – but it wasn’t until Pat and Tom met with BGF that they felt the time was right to take the business to a new level.

€5m

BGF investment in December 2019

Left to Right; Tom Gibbons, Mark Sykes (BGF), Pat McEvoy and Leo Casey (BGF).

“From the start, BGF came across as a very professional company to deal with and had a solid understanding of how to take a business forward,” Pat explains. “Their connection to the rest of the BGF group and other business sectors was a factor we knew we could also leverage.”

TEAM Accessories secured a €5m cash injection from BGF in December 2019. The funding helped to support the company’s future growth ambitions. Pat explains, “The investment gave the company capital to invest in new tools, new equipment and new people. It also gave us a lot more confidence about what we want to do next in terms of growth and expansion.”

A new board of directors was established with Mark Sykes from BGF, Nick Sanders, former executive of Gardner Aerospace, and Michael Hickey former COO of Ryanair all joining Pat and Tom on the board.

We are delighted to be partnering with BGF, who will bring significant value-add as well as capital. Together with BGF, we are excited to welcome Nick Sanders as Chairman and Michael Hickey as a Non-Executive Director, who will join Mark Skyes on a top-class board.

Pat McEvoy & Tom Gibbons, Directors​

Working with BGF has opened the doors to new business and today TEAM Accessories has a global client base that includes American Airlines, Aer Lingus, and Lufthansa. “We are talking to larger customers today than prior to BGF’s investment. They have opened the door for us with connections to some very big potential customers that we probably would have had difficulty getting connections with.”

Looking to the future, TEAM Accessories has further growth in its sights. “Our plan is to double the size of the business by 2024. Having BGF on board helps us to drive the business to new levels of operation and we are on track to meet our goals.”

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