BGF invests in aerospace engineering firm TEAM Accessories
BGF has invested €5 million to acquire a significant minority stake in one of the country’s leading aerospace and industrial engineering businesses, TEAM Accessories Limited (TEAM).
Based near Dublin airport, TEAM is an MRO providing overhaul, testing and repair services for the aerospace and industrial sectors. The core of the business in focussed on the overhaul of critical, high value accessories for jet engines. Components are flown in to the company’s specialist engineering site from across the world for maintenance and repair.
Aerospace customers include Lufthansa, Aero Norway, AJ Walter and Aer Lingus. The company also provides services to industry, with clients including Alba Power and Electrabel.
TEAM was set up in 1995. It is owned and led by Pat McEvoy and Tom Gibbons, who acquired the business in an MBO in 2017. The company currently employs 40 people.
In addition to the BGF investment, Nick Sanders, former executive chairman of Gardner Aerospace and former co-founder of Better Capital, will join the board as non-executive chairman. Michael Hickey, former COO of Ryanair plc, will join the board as a non-executive director. Mark Sykes from BGF’s Dublin office will also join the board as a non-executive director.
Speaking today, Pat McEvoy and Tom Gibbons of TEAM said: “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 Sykes on a top-class board. We believe there is a clear opportunity to grow the business in the coming years with increasing job numbers and we look forward to implementing our plans in the months and years ahead.”
Beauchamps (legal), Navigo Consulting (financial due diligence) and Grant Thornton (tax) acted for BGF. TEAM was advised by PKF Corporate Finance and by Fieldfisher (legal).
Stay in the loop
Subscribe to the BGF Newsletter to be the first to hear from our team about new investments and portfolio updates.
Sign up