Grant Thornton in Birmingham has advised European transportation finance specialist DVB Bank SE on the sale of its majority stake in Bridgend-based TES Holdings Ltd to Japanese investors.
Mitsubishi Corporation will take a 35 per cent share of TES Holdings, the parent company of aircraft engine maintenance and asset management business TES Aviation Group, while the Development Bank of Japan will take 25 per cent.
Under the deal - which has had regulatory clearance - DVB will remain the largest shareholder in TES Holdings with a 40 per cent stake.
Grant Thornton advised DVB on the transaction with legal advice provided by Geldards. Mitsubishi Corporation and Development Bank of Japan were advised by Eversheds and Norton Rose respectively.
TES was set up in 1995 and DVB first purchased a majority shareholding in 2007. The company has grown since then from a turnover of £12.6 million to one of more than £63 million in 2011, with regional franchise operations in Singapore and Dallas in the United States, and representation offices in Amsterdam and Christchurch, New Zealand. The company employs more than 120 people and European clients include Airbus and Martinair, part of the KLM Group.
Birmingham-based Ian Wilson, aerospace and defence partner at Grant Thornton, said: “DVB has been an excellent strategic partner to TES and tasked us with helping to bring on board new strategic investors that would provide further impetus for growth.
“We spoke to a targeted group of international strategic partners as part of this process and were impressed with the commitment and strategic vision that Mitsubishi Corporation and Development Bank of Japan conveyed. I am confident that they will be excellent partners for DVB and the TES management team in driving the continued growth of TES.”
Ashley Cooper, Chief Executive of TES Aviation Group, said: “We are delighted to welcome Mitsubishi Corporation and Development Bank of Japan to join with DVB as our new shareholder group. The combined financial strength, global presence and forward looking approach of our shareholders will fuel the significant growth of TES over the coming years.”