One of the leading names in aircraft end-of-life services has announced plans to expand after receiving a funding boost from the Development Bank of Wales.
AerFin, based in Caerphilly near Cardiff, said it would use the seven-figure funding to grow its end-of-life programmes for both aircraft and engines. The business is an international specialist in aftermarket support services for the aviation sector, with solutions including whole aircraft and engine sale or lease, as well as engine disassembly and storage.
More than 200 airline operators currently benefit from AerFin’s aftermarket support. Among them is Finland’s flag carrier and largest airline, Finnair, which tasked the Welsh company last year with the management of the sustainable phase-out of retiring aircraft, such as the A319, the engines of which AerFin dismantles and repairs at its 150,000 sq. ft. Caerphilly premises.
AerFin also counts the likes of British Airways, Air France and Lufthansa as customers, and was named as Europe’s fastest-growing aerospace and defence company for 2020 by the Financial Times.
What does the cash injection mean for AerFin?
The Development Bank of Wales’ financial support comes in the form of a loan, which will serve as short-term working capital enabling AerFin to fund the expansion of its end-of-life programmes for both aircraft and engines in the United States.
The USA is home to more than 75% of the world’s Ejet airline operators, which is one of the major product lines that AerFin focuses on.
“A strong company with an impressive track record”
Chief executive of AerFin, Robert James, commented: “AerFin began operations in 2010 at the peak of the international debt crisis that gripped aircraft lessors, airlines and investors with the aim of drawing on the extensive technical and commercial knowledge within the team to maximise asset residual values in those difficult economic conditions.
“Demand from our customers has seen AerFin create a range of innovative and flexible programs to maximise our in-house engine assembly, storage and distribution of aviation inventory.
“The continued expansion of our services will enable us to further grow our aftermarket service solutions as the global economy prepares to bounce back from COVID-19.”
Navid Falatoori from the Development Bank of Wales added: “With a highly skilled workforce of 50 based in Caerphilly, AerFin is a strong company with an impressive track record of delivering turnover in excess of $100m... our funding provides the headroom for AerFin to take advantage of stock and asset opportunities as they move into the US market.”
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