123Venture, a Paris-based private equity firm, has invested an undisclosed amount in aviation engine overhaul company, European Engine Support.
Investment in the company, which is involved in the purchase and overhaul of the CFM56 series aircraft engines, is expected to allow 123Venture to take advantage of the opportunities available in the purchase of CFM56.
Eric Philippon, a partner at 123Venture, said: ‘We hope to expand and develop in the future with the team at European Engine Support to other engine models. We were particularly impressed with the extensive industry knowledge, experience and contact base of the management team, and its ability to secure contracts with the leading companies in the jet-engine overhaul business.’
Olivier Goy, chief executive of 123Venture, added: ‘Thanks to the funds collected in our ISF funds, we have been able to invest more than €70m (£59.5) in the second quarter of 2009 in more than 35 small and medium-sized companies.
‘This rapid transfer of equity funding into new capital for companies is particularly welcome now, as despite the crises in the global economy, there are always talented entrepreneurs who strive to create a new future and provide interesting and attractive investment opportunities for our funds.’