London, 5th May 2016 – AVIC International Holding Corporation (AVIC), the leading Chinese multinational aviation company, and AIM Altitude today confirmed that the sale of AIM Altitude to AVIC International has been completed.
Mr Mark Edwards, CEO of AIM Altitude said: “We are delighted that the sale has officially completed. We now look forward to combining AVIC’s strengths as a major strategic aerospace business alongside our own expertise in design, engineerinCompletion of sale of AIM Altitude to AVIC Internationalg and manufacture, to deliver further growth for AIM Altitude.”
Now a wholly owned subsidiary of AVIC, AIM Altitude will continue to operate to support its existing and new airline customers in the Middle East, Europe and the Americas, as well as in China and Asia Pacific.
Mr Xu Tongyu, Vice President of AVIC International said: “We are thrilled to welcome the AIM Altitude team into the group. AVIC International is a leading diverse multinational corporation covering the whole aviation industry and value chain and AIM Altitude’s expertise in cabin interiors will further extend our core capabilities and international competitiveness.”
Mr Andy Stevens, Chairman of AIM Altitude said: “This is superb news for AIM Altitude and allows the team to build on the growth of the last few years. The sale to AVIC will enable them to continue with their vision for a successful and prosperous future, positioning AIM Altitude as a world leader in cabin interiors.”
During TowerBrook’s ownership, AIM Altitude strengthened its relationship with leading aircraft manufacturers Boeing and Airbus and with major global airlines including Emirates and Qatar Airways. The acquisition of Altitude from Air New Zealand in 2014 helped position AIM Altitude as a key partner for Boeing’s 777 aircraft, while the relationship with Airbus was strengthened further through work on new Airbus long-range platforms.
Rothschild acted as financial adviser to the company and the selling shareholders alongside Kirkland & Ellis International LLP as TowerBrook’s legal adviser and Hogan Lovells International LLP as the management team’s legal adviser. WilmerHale and Macfarlanes LLP acted as legal advisers to AVIC.