Deal Information:
-Sector: Aerospace
-Country: Spain
-Sellers: Saving Banks
-Entry Date: March 2014
-Exit Date: January 2018
Company Overview
Aernnova is a leading aerostructures company specialized in the design and manufacturing of aerostructures and components such as empennages, wings and fuselage sections. With revenues of over €700m, the company is the first aerostructures Tier I supplier in Spain and the 10th worldwide. With headquarters located in Spain, Aernnova has expanded its activities worldwide and operates a network of over 20 locations in 8 countries
Deal Highlights
SWC acquired in three steps, between March 2014 and July 2015, a significant minority stake in Aernnova from various saving banks. The transaction was characterized by being an unstructured process with diverse shareholders’ interests that led to conflicting exit dynamics. SWC managed to achieve a significant minority position with strong board representation and an experienced management team owning the majority stake
Following SWC’s entry, Aernnova’s EBITDA grew at a 27% CAGR in the 2014-2017 period
Together with the management team, SWC implemented a series of value-added initiatives that took the company to the next level: -3 add-on acquisitions including a significant one in the US -Secured first ever air structures contract with Boeing -Ramp up from 0 of the Airbus 350 program -Purchase of the Fondo de Garantía de Depositos equity stake
Following the implementation of the aforementioned initiatives, Aernnova became a leading aerostructure Tier I supplier. Finally, SWC agreed to sell its stake to a PE consortium led by TowerBrook, Torreal and Peninsula, closing occurred in January 2018
