Air Maintenance Estonia (AME) has been sold by owner Scandinavian Airlines (SAS) to BaltCap for an undisclosed sum. SAS acquired the Estonian company in 2003 but has since decided to shed its maintenance operations in favour of concentrating on core business activities.
Estonia-based BaltCap acquired 100% of AME in part because of the company’s outlook for the future. Management has made clear its intention to continue AME’s expansion program with a plan to double the existing production capacity over the next two years. AME chief executive Lars-Olof Bolinder will continue in his role under the terms of the deal.
Air Maintenance Estonia (www.ame.ee)
Air Maintenance Estonia is an Aircraft Maintenance and Repair Organisation (MRO) servicing aircraft for clients in Europe and Scandinavia. Support services such as engineering and AOG are also offered along with 24-hour customer service. Established in 1995 as an arm of Estonian Air, the company began operating independently in 2002.
AME prides itself on an open culture and a highly skilled work force, claiming more than half of the company’s 160 employees with some degree of higher education. 2009 turnover for the Tallinn-based company was EEK 196 million.
Since 1995 BaltCap has been one of the leading private equity and venture capital providers active in the Baltic Region. The firm operates in Estonia, Latvia and Lithuania, specializing in buyouts and mid-market expansion opportunities. BaltCap has managed five funds since its inception, two of which have been fully exited, worth a total of €130 million. In addition, twenty-four of the firm’s thirty-eight investments have been fully exited. The typical BaltCap investment gives the company a majority or significant minority interest and has a window of 3-5 years.