Mon, 13 Dec 2010 | MBO/MBI
The managing directors of aerial surveying and aviation firm, Reconnaissance Ventures, have purchased the business in a management buy-out (MBO).
Formed in 2007, the firm provides government agencies and commercial organisations - based across the UK and overseas - with crewed aircraft services.
The minority shareholder – who owned 28 per cent of Coventry-based Reconnaissance - was bought out by the group of directors, assisted by NatWest and Lombard Aviation, for an undisclosed sum.
Following the completion of the MBO, the business will relocate from its current base to East Midlands Airport.
Deputy chairman of Reconnaissance Ventures, Steve Guynan, said, "NatWest and Lombard's assistance to us in completing this share acquisition means that we can now complete the move of our business from Coventry to specially-designed new facilities at East Midlands Airport.
"The move is very important to the future operation and diversification of the company's business, and the concentration of the ownership of the Company in the executive directors' hands will move RVL Group forward," he added.
This latest MBO is the second in the history of the firm - it was originally formed following an MBO of sections of the former Air Atlantique Group.
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