Monarch Aircraft Engineering (MAEL), a leading aircraft MRO provider, has agreed the terms of the company's new ownership structure, with Greybull Capital LLP becoming the majority shareholder.
As the restructuring progresses, MAEL's lenders, PNC, will continue to provide facilities and support, and many of the operator's key customers are also looking to support the business.
In the last year MAEL's geographical footprint increased with the opening of a new component maintenance facility in Northampton which created more than 100 new jobs, taking the workforce to over 800 staff. MAEL additionally doubled the size of its industry-renowned apprenticeship scheme.
MAEL is a leading independent aircraft maintenance company with a skilled and experienced management team which has strengthened the company's customer base through new contracts with a number of leading airlines. MAEL's Luton and Birmingham, U.K., facilities have current contracted work which extends throughout 2019.
MAEL was spun off as an independent company following the collapse of Monarch Airlines in October a year ago. MAEL's clients include among others Thomas Cook, Virgin Atlantic and Wizz Air.
