A Bedwas-based firm that specialises in second-hand aeroplane parts has been bought out by a Danish private equity firm.
The deal will see CataCap become a majority shareholder in AerFin, which is based on Bedwas House Industrial Estate.
American firm CarVal Investors will no longer have a holding in AerFin, having bought a majority stake in the company in 2015.
AerFin founder and chief executive Bob James, who will keep his equity interest in the firm, said: “I am delighted to announce the partnership and investment from CataCap who I firmly believe will be the catalyst for continued sustainable growth and business development through their strategic alignment of interests bringing a true collaborative approach to our employees and our strategic partners.”
CataCap’s Peter Ryttergaard said: “AerFin is an outstanding company in a sector that has global reach.
“We have been following the company for some time, given that it has been announced fastest growing Aerospace and Defence company in Europe.
“We are truly impressed with the strength of the business model and the leadership team we are backing.”
The takeover is expected to be completed by October.
AerFin, which was established in 2010, moved to its base in Bedwas in 2014.
It relocated from two sites in Cardiff, with the move part-financed by the Welsh Government.
The new base meant the firm had all of its operations on one site.
The company is expected to generate revenue in excess of £92 million, making a profit of nearly £14m in the current financial year.