A2E Invest in Maydown Precision Engineering
A2E Venture Catalysts, based in Manchester, have taken a majority stake in Maydown Precision Engineering.
MPE, based in Derry-Londonderry, supplies components for the likes of Bombardier, Airbus and Boeing aircraft programmes. It supplies sub-assemblies using advanced manufacturing technology for major aerospace customers
The Company currently employs 135 staff in Derry and plans to create a further 40 jobs.
Amin Amiri, the owner of a2e Venture Catalysts, has become a majority shareholder in MPE alongside Managing Director Sean Phelan. Amiri, who is based in Manchester, stated a £2.5m capital expenditure programme would now take place, with £1m of new plant already commissioned. Leumi ABL also provided a working capital loan
Amiri added he expects the business to grow rapidly, by as much as 25 per cent per year.
"Our desire is to greatly enhance the expertise and capacity of MPE, and our vision is to surpass being a supplier and to become the strategic 'partner' of choice for our existing and future customers," he said.
Phelan added: "It is great news that we have a strategic and long term investor-shareholder on board.
"The vision and experience of Amin Amiri and his enviable track record has given the management team and workforce the vital energy to enhance our efficiency and capacity, and the confidence to plan for the long term, attract new customers and achieve MPE's potential.
Craig Holmes and Richard Moorehead from HNH brokered the deal and acted for the Company.
Holmes stated "It is great to see another Northern Ireland company attract outside investment to help realise its growth ambitions. MPE has a bluechip customer-base and will enhance sales globally following this investment. HNH are currently assisting a number of companies in different sectors to attract similar investment and it bodes well for the economic growth of the region."
Turner Parkinson advised a2e. HNH and Mills Selig advised MPE and Addleshaw Goddard provided legal advice to Leumi ABL.