SR Technics sold to British group
SR Technics, the aircraft maintenance unit of the collapsed national carrier, Swissair, has been sold to a British venture capital firm.
3i, which will be the majority shareholder, will pay SFr618 million ($423.7 million) for the company, whose staff will retain a 12 per cent stake.
Another small private equity firm, Star Capital, will become a minority shareholder.
SR Technics employs 2,900 people and expects turnover to reach SFr1.1 billion this year.
It services among others the fleet of Swiss, the successor of Swissair, which is comprised of Airbus' and MD-11s.
3i expects to expand SR Technics' activities in the future. "We will steer the company to achieve significant growth over the next years though extending its customer base and growing the range of services provided," said David Osborne of 3i.
Aggressive growth strategy
The British firm said with the new financial backing and the support of a number of banks, SR Technics will be able to pursue an aggressive growth strategy.
The company was part of the bankrupt Swissair group, which ceased operations earlier this year. Its sale must still be approved by regulators overseeing the former carrier's assets, which should take four to eight weeks according to 3i.
SR Technics had attracted interest from the London investment group Permira, Germany's Lufthansa-Technik and the Swiss machine and weaponry concern, Ruag.
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