Investor Bravia joins China's HNA in MyTechnic takeover

London
Source:
This story is sourced from Pro
See more Pro news »

Investment firm Bravia Capital has emerged as a partner in the takeover of Turkish maintenance company MyTechnic, which also involves Hainan Airlines parent HNA Group.

ATI had previously revealed that HNA was investing in MyTechnic but Bravia Capital has today also disclosed that it is participating in the acquisition of a majority stake in the maintenance firm.

MyTechnic is based at Istanbul's Sabiha Gokcen Airport and has nearly 50 customers from 10 regions.

HNA-affiliated Grand China Aviation Technik president Jianping Dang says MyTechnic is "representative of our strategy to invest in global transportation hubs with the highest growth potential".

The scale of the investment has not been disclosed.

New York-based Bravia Capital chief Bharat Bhise says the takeover follows several aviation and shipping acquisitions. It is a co-shareholder, with HNA, in Hong Kong Aviation Capital which has been leasing Airbus A320s to IndiGo Airlines.

"In addition to being one of the world's fastest-growing economies, Turkey is strategically positioned as a key player for European, Central Asian and Middle Eastern aviation markets," Bhise adds.

"MyTechnic is positioned for extraordinary growth, and is also one of the world's most innovative aviation-related companies with regard to efficiency and sustainability.

"We have ambitious growth plans for the company and look forward to establishing a significant footprint in the region."