Glamorgan-based aviation business Caerdav has received a £4 million investment to help support its growth ambitions.
Independent asset manager BOOST&Co is responsible for the funding, which Caerdav will use to expand its current order book and new business pipeline, while creating 100 jobs.
Caerdav – which provides aircraft MRO, consultancy and pilot training services to large carriers, aircraft leasing companies and private clients – will be able to fulfil the backlog of aircraft servicing requirements carried over from the Covid-19 crisis.
The company was founded in 2012 and is owned by Iron Maiden singer Bruce Dickinson. MRO work is carried out in a 134,000sq ft hangar complex in Wales, which includes a 6,000ft runway.
BOOST&Co said it chose to work with Caerdav “due to its strong and highly-experienced executive management team who, since their appointment in early 2019, have been responsible for an acceleration in the company’s growth and development”. The lender also cited Caerdav’s industry reputation and continued commitment and support for local communities across South Wales.
Caerdav specialises in Boeing 737, 757, 767 and Airbus A320 families and holds all necessary approvals, including EASA, FAA, UK CAA and TCCA licenses.
“We have been on a continued upwards trajectory during the past year and this latest investment is only set to accelerate our growth plans further,” said Caerdav’s chief executive Joachim Jones. “The airline industry has had to show tremendous resilience during and following the Covid-19 pandemic and its recovery will only be as strong as the support it receives, which Caerdav is in a fantastic position to provide.
“Subsequently, we are extremely pleased to have received this funding, which will enable us to significantly expand our operations and offer support to more organisations across the aviation sector.”
BOOST&Co’s head of South and Midlands Kim Martin commented: “We are thrilled that Bruce and the executive team selected us to be the chosen funding partner to Caerdav. Their commitment to the business and the local community has been unwavering in recent years and we are confident this funding enables the business to capitalise on the current market opportunity and deliver exciting growth plans. Caerdav is one of the last independent MROs in the UK and it is vital to nurture and preserve this skillset, as the airline industry continues its post-Covid recovery.”
Due diligence for this deal was provided by Azets, whose corporate finance partner Lee Humble commented: “We are delighted to have advised BOOST&Co on its funding of Caerdav. The investment will support a key supplier to the aviation industry and support an expansion project that will bring significant benefits to the business and all of its stakeholders. It was a pleasure working with BOOST&Co and the Caerdav team and we wish them all the best for the future.”
Caerdav was advised on this deal by WH Ireland, whose chief executive Phillip Wale said: “We are delighted to have secured funding for Caerdav to help fulfil their future ambitions and to have had the opportunity to work again with BOOST&Co. We look forward to supporting Caerdav’s continued growth and success.”