Aernnova strengthens its position with new shareholders TowerBrook, Torreal and Peninsula
VITORIA (Spain), 16th June 2017 – Aernnova (the Company) is pleased to announce three new investors. TowerBrook Capital Partners LP (TowerBrook), the London and New York based investment management firm, Torreal, one of the largest private investment firms in Spain, and Península S.a.r.l., an asset management firm focused on the south of Europe, will all become part of the company’s shareholder structure.
The transaction, signed on Friday 16th June, is expected to close within approximately six months, following the necessary regulatory approvals in Spain, the USA and the European Union.
The President of Aernnova, Mr Iñaki López Gandásegui, the Company’s Deputy CEO Mr Pedro Fuente Arce, other members of the Executive Committee of Aernnova and its management team will remain significant shareholders, assuring continuity of business management and strategy.
Under the leadership of Mr López Gandásegui, the Company has consolidated its market position and is recognized as one of the world’s leading Tier 1 aerostructures suppliers, having diversified both its client portfolio and its commercial relationships. In particular, the acquisition of Brek Manufacturing Company in February 2017 has strengthened the position of Aernnova in the large aerospace market of the USA.
The new investors, led by TowerBrook, provide Aernnova with financial resources, experience and extensive industry connections, making them excellent partners for the Company and its management team.
This is TowerBrook’s first investment in a Spanish-based company. TowerBrook opened a satellite office in Madrid in 2016.
TowerBrook brings meaningful financial resources, together with a transatlantic team of professionals with solid investing experience in the sector in which Aernnova operates.
Torreal is one of the largest private investment firms in Spain, with a recognized standing in strategic industrial sectors including aerospace, and will contribute to the further enhancement of Aernnova’s position both national and internationally.
The President of Aernnova, Mr López Gandásegui, said: “The participation of TowerBrook, Torreal and Península will help us to consolidate further our leadership in the aerospace sector. We also owe our strong market position to SpringWater, our shareholder until today, who supported our aims and ambitions when we first established Aernnova in Álava as a Spanish company with an international perspective.”
Ramez Sousou, co-founder and co-CEO of TowerBrook said: “Iñaki’s strategic vision and leadership has enabled Aernnova to establish a unique position in the aerospace sector. Aernnova has numerous opportunities for further development and we will work closely with the Company and its management team to ensure they can achieve their objectives. We are very pleased to have participated in this investment alongside Torreal and Península, both highly reputable investors.”
Torreal said: “We are delighted to support Aernnova in becoming a leader in the sector. The experience, know-how and leading positioning of Aernnova will ensure that together we will achieve our objectives”.
Javier de la Rica, member of the board of directors of Península, said: “Aernnova has one of the most successful track records in the Spanish industrial sector. We are pleased to work with Iñaki and the rest of the management team and to contribute to the company’s development. It is a pleasure for us to work with both TowerBrook and Torreal”.
The sellers have been assisted by Citi as a Financial Advisor to the transaction.Back