Management team buys ACC Aviation
A Surrey-headquartered provider of aircraft charter, leasing and flight management services has been bought by its management team in a deal backed by a private equity firm.
ACC Aviation has been acquired by a team led by chief executive Phil Aird-Mash and supported by YFM Equity Partners. Chris Clapham, who founded the company in 2002, will now retire.
The business leases and charters commercial, regional and private jets to meet clients' aviation needs including fleet support for airlines requiring additional aircraft capacity, executive aircraft chartering and group travel chartering services.
It employs 30 staff from its Reigate and Rome offices. Clapham established the business in reaction to the excess aircraft capacity in the market after 9/11.
As part of the deal, YFM Equity Partners has introduced Paul Carter as non-executive chairman, who has had significant success in the airline services industry.
Phil Aird-Mash said: "The Airline industry continues to change at a fast pace as passenger demand grows and air travel expands across the globe.
"The equity investment from YFM Equity Partners and the commercial experience from Paul Carter will help us further expand and grow the existing offerings and our geographical reach."
Jamie Roberts, investment director at YFM Equity Partners, who led the deal, added: "ACC Aviation has built an excellent reputation and is well placed to take advantage of the developing airline industry.
"We are pleased to be backing Phil and his team in their plans to transform the growth of this business internationally in Asia and the Middle East."
YFM's advisers were WK Corporate Finance (financial due diligence and tax), ASB Law (legal) and MBA & Co (resourcing services).