RVL Group takes flight with Â£2.8m BGF investment
RVL Group, an aviation services provider that operates a fleet of 15 aircraft based at East Midlands Airport, has received a £2.8m growth capital investment from the Business Growth Fund (BGF).
The company was founded in 2007 and manages long-term contracts for government and private sector clients in the survey and surveillance market, as well as undertaking scheduled and ad-hoc cargo work.
Part of the investment is to be used for the final stages of a major project to design and create a new spray system for a freight-converted Boeing 737 aircraft, which can be used for dispersing oil spills. The project is due to be complete in the first half of 2015.
The remainder will be used to develop into new business areas and expand RVL Group's aircraft fleet, meaning it can take on more work.
As part of the deal, Graham Cole CBE joins the company as non-executive chairman, BGF's Tim Whittard joins as non-executive director and James Syrotiuk as board observer.
Steve Guynan, managing director at RVL Group, said: "In the past seven years, we've won several major contracts through demonstrating innovation, reliability and efficiency.
"We now want to increase capacity so we can grow existing contracts and take advantage of new opportunities. BGF's investment allows us to do this."
Tim Whittard, investment director at BGF, added: "RVL Group has quickly established a strong foothold in a market with high barriers to entry. There are further opportunities that - as a company with plenty of ambition, energy and ability, and an enlarged aircraft fleet - it can capitalise on."
While most of the company's work is carried out in UK airspace, it has completed surveys as far afield as Greenland, Iceland, Saudi Arabia and western Africa as well as throughout Europe.
This is the 11th investment BGF has made in the Midlands, and its first investment in a company operating in the aviation industry.
RVL Group is banked by Natwest. The investment was managed for BGF by Tim Whittard and James Syrotiuk.
Law firm Browne Jacobson advised RVL with a team made up of corporate lawyer Mike Jackson and head of banking Paul Ray, both based in Birmingham, and Amy Browning in Nottingham.
The BGF were advised by Shoosmiths with financial due diligence coming from Steve Smith at Parkwest Consulting and tax due diligence from Claritas.