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Aberdeen Asset Managers Growth Capital sells interest in Bond Aviation Solutions

The London office of Aberdeen Asset Managers Growth Capital announces the sale of Bond Aviation Solutions Limited ("Bond") to Alpha Aviation Group. Aberdeen originally led the £4.0 million management buy-out of Bond from Astraeus Limited (another Aberdeen backed company) in November 2005. The sale of Bond has generated a cash return for Aberdeen clients of £4.5 million on their original investment of £2.5 million, representing a 1.8x money return in 11 months and an internal rate of return of 86%.

From its base at Gatwick airport, Bond is one of the UK's leading pilot training organisations. The company is regulated by the UK Civil Aviation Authority and is approved to provide aircraft type rating courses on Boeing 737, Boeing 757, Boeing 767 as well as the Airbus A320 family.

Alpha Aviation Group (Alpha) is a newly established business, with a strong management team, aimed at capitalising on the worldwide demand for pilot training services.

Set up earlier in 2006 by UK venture capital firm C&C Alpha Group Limited, Alpha has established its first pilot training operations in Clark, nr Manila in the Philippines and plans to establish 10 pilot training schools across Europe, the Middle East and Asia. Alpha is currently awaiting delivery of a new level D A320 full-flight simulator at the newly established school at Clark and a new level D 737 next generation full-flight simulator is scheduled for imminent delivery at Bond.

Mario Fulgoni, Managing Director of Bond Aviation Solutions commented:

"Aberdeen backing has helped Bond establish itself as a leading provider of quality pilot training services in the UK and across Europe. The flight simulator ordered at the time of the MBO last year and due for delivery in the coming weeks will significantly improve our cost competitiveness whilst enhancing access to hands-on experience for our trainee pilots.".

Neil MacFadyen, Investment Director of Aberdeen, added:

"Bond Aviation Solutions has grown significantly since launch in 2002 to become one of the UK's largest and respected pilot training schools. As part of a larger group, with significant geographic reach, Bond is now well placed to grow further in this rapidly expanding global market. This has been an excellent investment for Aberdeen's clients and we wish the team every success with the future development of the business."

Neil MacFadyen, who was on the board of Bond Aviation Solutions, led and managed the investment for Aberdeen. Cherian P Thomas, Director of C&C Alpha Group, led the transaction for the purchaser. Aberdeen was advised by Catherine Clarke of Wragge & Co, Birmingham whilst Jonathan Griffiths/Peter Kidd at Penningtons, London advised the purchaser. Tenon, Southampton provided vendor due diligence.