Estonia, Good for Business, Investments, Mergers and take-overs, Transport

The new company will focus on acquiring aircrafts and engines for immediate part-out, or short term lease and subsequent part-out, Magnetic MRO said.

Crestline Investors will furnish Magnetic Parts Trading Limited with the majority of its capital needs, while Magnetic MRO will focus on project managing the investment, part-out and value realization process.

Magnetic Parts Trading Limited will aim to invest in the most popular narrowbody aircrafts, such as the A320 and B737 families and their corresponding engines.

Magnetic Parts Trading Limited will aim for the first investment projects to be executed in the third quarter of 2017.

Situated on the territory of the Tallinn airport, Magnetic MRO has been engaged in aircraft repair and maintenance since establishment in 2002. The company doubled revenue from 18 million to 36 million euros in 2015. The company belonged to SAS until 2010 when it was acquired by Baltcap Private Equity Fund. In 2014 two Cypriot companies, Sasmex Investments Ltd and Tiaravia Services Ltd, acquired one third of the shares in the company. At present Baltcap owns 70 percent and four minority shareholders 30 percent of the company.

The company's revenue last year was 50.5 million euros, while net profit totaled 2.5 million euros. This year the company is planning to open a new hangar, where the company will carry out both base and painting works.