Monarch Aircraft Engineering (MAEL) has agreed the terms of its new ownership structure, with a transaction in which Greybull Capital LLP becomes the majority shareholder in the aircraft MRO provider.
MAEL’s lenders PNC will continue to provide facilities and support, and MAEL says many of its key customers have also expressed their support for the business as the restructuring progresses.
Chris Dare, CEO at Monarch Aircraft Engineering, said: “Today marks an exciting new chapter for Monarch Aircraft Engineering as we plan to move forward with ambitious plans for growth, building on the solid foundations we have built for our business in the past year.
“I am grateful to Greybull and to our customers across the globe for their support of our business. I would also like to thank our fantastic, dedicated employees who make Monarch Aircraft Engineering the successful business it is.”
The company’s maintenance facilities remain at Luton and Birmingham.
The news comes just over a year after Monarch Aircraft Engineering went it alone following the collapse of Monarch Airlines.