Glamorgan-based aviation business Caerdav is set to create 100 jobs following a £4m investment from independent asset manager BOOST&Co, which will support Caerdav’s growth ambitions as the aviation sector continues its post-Covid recovery.
Founded in 2012, Caerdav provides aircraft maintenance, repair and overhaul (MRO), consultancy and pilot training services to large carriers, aircraft leasing companies and private clients. The business, which is owned by Iron Maiden’s Bruce Dickinson, will use the funding to expand upon its current record order book and strong new business pipeline, fulfilling the backlog of aircraft servicing requirements carried over from the Covid-19 pandemic.
BOOST&Co has chosen to work with Caerdav due to its strong and highly-experienced executive management team who, since their appointment in early 2019, have been responsible for an acceleration in the company’s growth and development. The lender also cited Caerdav’s excellent industry reputation as a long-established business in the aviation sector, as well as its continued commitment and support for local communities across South Wales.
Caerdav specialises in the Boeing 737, 757, 767 and Airbus A320 families of planes and holds all necessary approvals, including EASA, FAA, UK CAA and TCCA licenses, enabling the business to provide services to all relevant major target economies. The business is based in a 134,000 sq ft hangar complex in Wales, including a 6,000 ft runway, which is one of the highest specification maintenance facilities of its kind in civilian use.
Kim Martin, Head of South and Midlands at BOOST&Co, says: “We are thrilled that Bruce and the executive team selected us to be the chosen funding partner to Caerdav. Their commitment to the business and the local community has been unwavering in recent years and we are confident this funding enables the business to capitalise on the current market opportunity and deliver exciting growth plans. Caerdav is one of the last independent MRO’s in the UK and it is vital to nurture and preserve this skillset, as the airline industry continues its post-Covid recovery.”
Joachim Jones, Chief Executive at Caerdav, says: “We have been on a continued upwards trajectory during the past year and this latest investment is only set to accelerate our growth plans further. The airline industry has had to show tremendous resilience during and following the Covid-19 pandemic and its recovery will only be as strong as the support it receives, which Caerdav is in a fantastic position to provide.
“Subsequently, we are extremely pleased to have received this funding, which will enable us to significantly expand our operations and offer support to more organisations across the aviation sector.”
Due diligence for this deal was provided by Azets. Lee Humble, Corporate Finance Partner at Azets, says: “We are delighted to have advised BOOST&Co on its funding of Caerdav. The investment will support a key supplier to the aviation industry and support an expansion project that will bring significant benefits to the business and all of its stakeholders. It was a pleasure working with BOOST&Co and the Caerdav team and we wish them all the best for the future.”
Caerdav was advised on this deal by WH Ireland. Phillip Wale, Chief Executive at WH Ireland, said: “We are delighted to have secured funding for Caerdav to help fulfill their future ambitions and to have had the opportunity to work again with BOOST&Co. We look forward to supporting Caerdav’s continued growth and success.”