Japanese investors take 60% stake in TES Holdings

European Transportation Finance specialist DVB Bank SE has completed the sale of its majority stake in Bridgend-based TES Holdings Ltd. to Japanese investors. Mitsubishi Corporation will take a 35% share of TES Holdings, the parent company of aircraft engine maintenance and asset management business TES Aviation Group, while the Development Bank of Japan will take 25%. Under the deal, which has now had regulatory clearance, DVB will remain the largest shareholder in TES Holdings with a 40% stake. The deal follows an extensive strategic review of the business carried out by Grant Thornton and the decision to seek new partners to join DVB to support TES’s next stage of development, under its founder and Chief Executive Ashley Cooper.