Air NZ announces sale of Altitude Aerospace Interiors
Air New Zealand announces sale of Altitude Aerospace Interiors
Air New Zealand has concluded an agreement for the sale of its wholly owned subsidiary Altitude Aerospace Interiors Limited to AIM Aviation Limited, a UK based airline interiors design, engineering and manufacturing company.
Air New Zealand’s Chief Financial Officer, Rob McDonald, says Air New Zealand has been exploring options to take its Altitude business to the next stage of growth and is satisfied this transaction will provide a strong foundation for both companies to leverage the relationships they have with aircraft manufacturers and airline customers.
“With rapid growth forecast in aircraft deliveries over the coming five years and premium airlines increasingly demanding bespoke interior solutions, this is an exciting opportunity for Altitude, which will gain access to AIM Aviation’s new UK based state-of-the art manufacturing facilities.”
Mr McDonald says, “A key objective of our Go Beyond strategy is to supercharge New Zealand’s success. This is a great example of Air New Zealand fostering and developing an internal venture and then divesting at the right time when further resources, skills and expertise are needed to realise its growth potential.”
AIM Aviation is led by CEO Mark Edwards and majority owned by TowerBrook Capital Partners, L.P. a leading international investment management firm based in USA and Europe.
Altitude Aerospace Interiors was established in 2008. It designs, engineers and supplies customised airline cabin interiors for commercial airlines and VIP Boeing Business Jets. It employs approximately 100 staff.
Altitude Aerospace Interiors General Manager Michael Pervan says, “We are incredibly excited to join AIM Aviation on the next stage of our development plan. This is a great example of a New Zealand based company being recognised for market leading products and punching above its weight in a highly competitive, technically complex and tightly regulated global industry. It is testament to the world class capability of the Altitude team and the support we have had from Air New Zealand.”
The parties intend to complete the transaction at the end of this month; the details of the transaction are confidential.