Magnetic MRO has acquired Direct Maintenance, an Amsterdam-based MRO provider that specializes in line maintenance for narrow- and wide-body aircraft.
Magnetic MRO’s CEO Risto Mäeots, who was in Amsterdam to welcome the new company to the group, thanked the staff of Direct Maintenance, the group’s shareholder Hangxin, bond buyers and everyone who was involved in the acquisition process in his speech.
We have grown from a company of 180 employees to a company of 520 employees, Direct Maintenance staff included; we have grown from a 12 million euro revenue to a 120 million euro revenue within six years. That gives us confidence that we are doing something right and we are doing something with great passion,” Mäeots added.
In his speech, Direct Maintenance’s Managing Director Frank Daams thanked the management of Magnetic MRO and Hangxin for the trust and belief they’ve shown in Direct Maintenance. “Today’s event marks a new step for Direct Maintenance and all my fellow coworkers. In fact, I would like to consider this acquisition as a huge compliment to all our staff members. Their hard work and dedication has made Direct Maintenance to what it is today.”
Signed in February 2019, the deal between the two companies covers the transfer of 100 percent of Direct Maintenance’s shares from its previous owner Direct Aviation Group to Magnetic MRO. It also includes the right for the newly acquired company to keep operating under the Direct Maintenance brand.