Corporación Financiera Azuaga and Hyperion Fund acquire Brok-air and ATS Aviation: advisors
Corporación Financiera Azuaga and Hyperion Fund have formed a holding company specialising in aeronautical maintenance, repair and operations (MRO), following the acquisition of Gestair and, more recently, Brok-air and ATS Aviation. The transaction is subject to approval by the competition authorities.
The new group seeks to lead the consolidation of the MRO sector in Spain and Europe, offering comprehensive services ranging from executive aviation to the military. With these acquisitions, the company brings together more than 750 professionals, has infrastructure in Madrid-Barajas, Cuatro Vientos, Málaga-Costa del Sol and Castellón, and provides online services at more than 20 Spanish airports.
The holding company has military approvals (PECAL) and participates in maintenance and modernisation projects for critical fleets, such as the CL-215T series 5 amphibious aircraft of the Ministry for Ecological Transition and Demographic Challenge, contributing to compliance with European regulations and improving efficiency in firefighting.
The acquisition of Brok-air has already been formalised, while the ATS Aviation transaction is still pending completion.
Advisors
The transaction was advised by Singular Bank on M&A financial matters and on raising the necessary debt for the transaction. Financial due diligence was carried out by Alvarez & Marsal.
On the other hand, the sellers were supported by iCorporate, a firm specialising in M&A within the iCapital Asesores Financieros y Patrimoniales group, Livingstone Partners, and EY.
EY was involved in the advisory process as the consultant responsible for vendor due diligence and, finally, also as legal advisors to the project, with a team led by Simeón García-Nieto, partner at EY Abogados, accompanied by senior manager Alejandra Pascual and junior lawyer José María Rojí.
Pérez-Llorca’s offices in Madrid and Lisbon have advised Mantenimiento Reparación y Operaciones (MRO). The Madrid team consisted of Pedro Marques da Gama, partner; Iciar de Lorenzo; Carlos Gabaldón; Alberto Juárez; and Natalie Magalhaes, all lawyers from the corporate practice. The tax team included Norma Peña, partner; Sergi Aguilar; and Anna Comas. Paula Gaitán acted as employment lawyer, while Victor Corpa covered regulatory matters. Intellectual Property and Technology advice was provided by Domingo Aranda and Patricia Molina. The banking and finance practice team included partner Mónica de San Román, and lawyers Rafaella Dalmau and Beatriz Menéndez.
In Lisbon, the team included Rodrigo Nogueira, partner, and Rita Braga Themido, both in corporate; Susana Estêvão Gonçalves, partner, and Nicolle Barbetti in tax; Miguel Riço dos Santos, employment lawyer; Débora Melo Fernandes, regulatory partner; and Gonçalo Bargado, regulatory lawyer.
On the picture below, Pedro Marques da Gama and Rodrigo Nogueira.
