Euravia bought by Canadian group
Kelbrook-based Euravia Engineering & Supply, whose chief executive and majority shareholder is Dennis Mendoros, has been bought by Magellan Aerospace of the Toronto Stock Exchange.Mendoros, an engineer of more than 30 years' experience, is also chairman of Regenerate Pennine Lancashire and he was appointed, by Her Majesty the Queen, as High Sheriff of Lancashire in 2010.
Euravia provides maintenance, repair and overhaul solutions for a wide range of aircraft and helicopter gas turbine engines. It has an established international reputation for delivering high quality, cost effective engine support. It also holds 19 international approvals supporting over 150 civil and defence customers in 50 different countries.The deal is expected to be worth up to £30m, net of £8m cash acquired, though the final purchase price will be subject to final adjustments, including an amount based on earnings achieved over the next two years.
Turnover for the year to December 31, 2014 were £14m. Following the acquisition, the company will be managed through Magellan’s UK operations based in Blackpool and Wrexham.Dennis Mendoros, Euravia’s chief executive said: "The acquisition by Magellan leads Euravia to the next development level, opening potential new business opportunities in North America and enabling us to offer enhanced customer support and dedicated aftersales service." Phillip Underwood, Magellan’s president and chief executive, added: "The acquisition of Euravia complements Magellan’s existing repair and overhaul capability in North America. Euravia has an excellent reputation for providing high quality MRO capabilities, supporting a global customer base, and delivering exceptional customer service."