London, 23rd November 2015: AIM Altitude has today been acquired by leading Chinese multinational aviation company, AVIC Aerospace International Corporation (AVIC). The shareholders of AIM Altitude, TowerBrook Capital Partners, L.P. (TowerBrook), have just announced their signing of the agreement with AVIC.
Mark Edwards, CEO of AIM Altitude said
“This is a very exciting development for AIM Altitude as it combines our design, engineering and manufacturing expertise with the strengths of a major strategic aerospace business. We look forward to working with our new owners to grow the business further.”
AIM Altitude will become a wholly owned subsidiary of AVIC and will continue to operate as it does today, under the AIM Altitude brand, for existing and new airline customers in the Middle East, Europe and the Americas, as well as in China and Asia Pacific.
Xu Tongyu, Vice President of AVIC International said:
“AVIC International today is a leading diverse multinational corporation covering the whole aviation industry and value chain. AIM Altitude’s expertise in cabin interiors will further extend our core capabilities and international competitiveness. We look forward to welcoming the AIM Altitude team and employees into the group.”
During TowerBrook’s ownership, AIM Altitude has strengthened its relationship with leading aircraft manufacturers Boeing and Airbus and with major global airlines including Emirates and Qatar Airways. The acquisition of Altitude from Air New Zealand in 2014, helped position AIM Altitude as a key partner for Boeing’s 777 aircraft, while the relationship with Airbus was strengthened further through work on new Airbus long-range platforms.
The appointments of senior aviation industry leaders, Dave Barger and Steve Ridgway CBE as non-executive directors, and of Andy Stevens, former CEO of Cobham plc, as Chairman on AIM Altitude’s Board, brought their substantial experience and knowledge to the business. AIM Altitude’s UK presence has also been enhanced by the development of an £11m Cabin-Interior manufacturing facility at Bournemouth Airport and the extension of its Galleys and Stowages factory and testing facilities in Surrey.
The transaction is subject to regulatory approval and is expected to complete in January 2016.