Monarch Aircraft Engineering (MAEL) has agreed the terms of its new ownership structure, with a transaction in which Greybull Capital becomes the majority shareholder in the leading aircraft MRO provider.
MAEL’s lenders PNC will continue to provide facilities and support, and many of the operator’s key customers have also expressed their support for the business as the restructuring progresses.
“Today marks an exciting new chapter for Monarch Aircraft Engineering as we plan to move forward with ambitious plans for growth, building on the solid foundations we have built for our business in the past year,” Chris Dare, CEO of Monarch Aircraft Engineering, says. “I am grateful to Greybull and to our customers across the globe for their support of our business. I would also like to thank our fantastic, dedicated employees who make Monarch Aircraft Engineering the successful business it is.”
In the last year MAEL says it has increased its geographical footprint with the opening of a new component maintenance facility in Northampton, and has created more than 100 new jobs, growing its workforce to more than 800 people. It has also doubled the size of its industry-renowned apprentice training program.
The company says its maintenance facilities at Luton and Birmingham are fully utilized, with an order book full throughout 2019. However, recently, and after the announcement of new shareholders, creditors to MAEL received notices of voluntary arrangement in accordance with the UK’s Insolvency Act.