Dublin-based TEAM Accessories Limited (TEAM) has been acquired by Moog Inc. The price is undisclosed.
TEAM is one of Ireland’s leading aerospace and industrial engineering businesses and specializes in Maintenance, Repair and Overhaul (MRO) providing overhaul, testing and repair services for those sectors. The core of the business is focused on the overhaul of critical, high value accessories for jet engines. Components from all over the world are flown in to the company’s specialist engineering site in Dublin for maintenance and repair.
Moog Inc. (NYSE: MOG.A and MOG.B) is a worldwide designer, manufacturer, and integrator of precision control components and systems. Moog’s high-performance systems control commercial aircraft, satellites and space vehicles, launch vehicles, automated industrial machinery, marine and medical equipment.
Mark Brooks, Moog Commercial Aftermarket Vice President, said “We are very excited to welcome Team Accessories into the Moog family. This acquisition is a key strategic step in the expansion of our Moog Total Support service offering providing an integrated component support solution to the airlines. With our collective experience we will continue to expand to new engine types”.
Current aerospace customers of TEAM include, Aero Norway, Aer Lingus, AJ Walter, and Lufthansa. The company also provides services to the industrial gas turbine sector with clients including Alba Power and Engie.
Established in 1995, TEAM was acquired by Pat McEvoy and Tom Gibbons in an MBO in 2017. In 2019, BGF acquired a significant minority stake for €5 million. As part of that transaction, Nick Sanders, former Executive Chairman of Gardner Aerospace, and former Co-Founder of Better Capital, joined the Board as Non-Executive Chairman, with Michael Hickey, former COO of Ryanair plc also joining the Board as a Non-Executive Director. The company currently employs 40 people.
Speaking today, Pat McEvoy and Tom Gibbons of TEAM said; “We have pursued a focused growth strategy over the past number of years and have made great progress in developing the business. The opportunity now to join forces with one of the world’s leading businesses in this sector is a validation of the hard work that everyone in the company has committed to the business. This deal promises enormous opportunities for everyone in TEAM and we are both proud and excited to be taking this next step.”
Pat and Tom paid tribute to resigning Directors Mark Sykes, Nick Sanders and Michael Hickey; “Mark, Nick and Michael played key roles as Directors and made an important contribution to the business. We want to express our huge appreciation for their hard work since 2019.”
Mark Sykes, Investor at BGF, said; “Our objective at BGF is to provide financial and strategic support to growing Irish companies to help them achieve their potential. This is exactly what has happened with TEAM. Pat and Tom have done an exceptional job navigating what could have been challenging times over the last number of years, and it is to their immense credit that a business of the calibre of Moog is now partnering with them for their next phase of growth. Pat and Tom will continue to lead the business and we wish them and everyone at TEAM great success in the years ahead.”