AIM Aviation has bought Air New Zealand’s subsidiary Altitude Aerospace Interiors in order to reach to the Far East and Australasian markets.
Founded in 2008, Altitude designs cabin interiors including cockpit, rear pressure bulkhead, bar units, lounges, seat modules and galleys for commercial airlines and VIP business jets. It has a workforce of 100 employees.
AIM said in a statement: "With aircraft manufacturers’ backlogs at an all-time high, the global commercial aviation industry is expected to benefit significantly from the increase in air traffic anticipated in the next few years.
"With its strong reputation for engineering capabilities and customer service, Altitude’s addition to the AIM Aviation group strengthens its position in this exciting and rapidly growing market."
The UK-based AIM expects the acquisition to consolidate its markets in Europe, North America and the Middle East.
Air NZ’s chief financial officer Rob McDonald said:"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.
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By GlobalDataThis 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."
The sale is expected to be closed by the end of this month. Further details of the transaction are not known.
The firm is owned by investment management firm TowerBrook Capital Partners.
Image: A new interior concept designed by AIM Aviation in April. Photo courtesy of AIM Aviation.
