CataCap invests in TP Aerospace

21. March - 2017

The Danish private equity fund CataCap is acquiring a majority share of the aviation service company TP Aerospace, which repairs, leases and sells wheels and brakes to airlines across the globe. TP Aerospace has generated annual growth of 30% since 2010 with an all-time high revenue of DKK 428m in 2016. CataCap will help to position TP Aerospace for further growth. The two founders, Peter Lyager and Thomas Ibsø, will invest alongside CataCap as minority shareholders and continue in management. In addition, the global investor Adveq, investor in CataCap Fund I, will become a co-owner of TP Aerospace.

Headquartered in Denmark, TP Aerospace is a global full-service provider of wheels and brakes for airlines worldwide. The company was founded in 2008 and today has 174 employees in offices and service centres in Copenhagen, Dubai, Las Vegas, Orlando, Singapore, Melbourne and Hamburg. In 2016, the company recorded revenues of DKK 428m and EBITDA of 74m.

“We have monitored TP Aerospace closely in recent years and observed how they over a short period of time have managed to create a global market leader in wheels and brakes services, aimed particularly at smaller airlines. TP Aerospace has a unique business model and a value proposition which is a perfect fit to many airlines’ service needs and we look forward to further realising the Company’s growth potential in collaboration with management and employees” says Vilhelm Hahn-Petersen, Partner in CataCap, and continues:

“We have great confidence in the two founders, who both have substantial experience in the aviation industry. Going forward, they will continue to lead the company day-to-day and we are excited to continue to build on their impressive results.”

TP Aerospace is the seventh investment for the four-year-old private equity fund, CataCap, which focusses on transformational investments in the Danish SME segment.

Further growth potential
Market research shows that the global airline fleet will grow at 3-4% p.a. through 2026 and that airlines each year spend more than USD 2b on maintenance, repair and overhaul of wheels and brakes.

“We have grown at a rapid pace since we started in 2008. So far, we have primarily focused on smaller airlines, but we are also highly relevant to larger operators. To that end, we are thrilled to be joined by a partner who can not only support the development financially but who also share our strategic thinking and vision for the future” says Peter Lyager, founder of TP Aerospace, and adds:

“We have a clear ambition of making our mark on the aviation industry of tomorrow and we are convinced that CataCap is the right partner to help fuel our growth and enabling the supply of wheels and brakes to even more airlines in the future – anytime and anywhere.”

Peter Lyager will continue as CEO in TP Aerospace and Thomas Ibsø will continue as Group Director / President. They will continue to own a significant minority share of the company.

CataCap was advised by Accura, PwC and Oliver Wyman on legal, financial and commercial matters, respectively.

TP Aerospace was advised by FIH Partners, Plesner, Deloitte and Qvartz on corporate finance, legal, financial VDD and commercial matters, respectively.

For further information, please contact:

 

CATACAP

Vilhelm Hahn-Petersen, Partner
+45 26 32 64 20
vhp@catacap.dk

 

TP Aerospace

Peter Lyager, CEO
+45 20 66 31 04
pel@tpaerospace.com