DVB Bank AG, which specialises in transport finance, announces that, effective 16 July 2007, in line with its aspiration to grow its aviation investment franchise, it has purchased a majority shareholding in TES Aviation Services Limited, a leading aircraft engine asset management service provider headquartered in Cardiff, South Wales, UK. TES, which was established in 1995, has developed under the private ownership of founders Bob James and Ashley Cooper to a highly respected, global business employing 51 people. The TES Aviation Group offers innovative commercial and technical solutions to owners and operators of commercial aircraft engines, and advice in general to the aviation financial community
Bertrand Grabowski, Member of the Board of Managing Directors of DVB Bank AG, said:
"TES offers DVB the opportunity to invest in an established, profitable business, offering a unique range of services. In turn, DVB offers TES the investment support of a financial institution with a dedicated focus on the aviation sector. Based on its brand and reputation which is well recognised in the international market, TES will develop as an independent operating business within the DVB Group. Under the continued management of Bob (James) and Ashley (Cooper), who remain committed shareholders, we expect the company to achieve its growth potential in its parts trading and leasing operations."
Ashley Cooper, co-founder and Joint Managing Director of TES, said:
"In DVB we have a new committed, long-term partner, which in addition to bringing required new capital for growth, has the industry expertise to understand TES' business and therefore enable the company to accelerate its planned development"
TES has grown significantly since its formation in 1995 with currently two premises at the Engineering / HQ at the Innovation Centre, Abercynon and at its 50,000 sq ft engine dis-assembly facility at RAF St Athan. Ashley Cooper said:
"We are delighted with the support we have received to date during the growth of the business from the Welsh Assembly Government (WAG) and its associated entities, specifically in financial support from Finance Wales and latterly from KB4B in strategic development. Our bankers, Barclays have also contributed to the growth of the business through their range of financial solutions and TES will seek to continue and develop the excellent relationships with our partners through the next phase of the business's growth. The engine dis-assembly facility is located at the WAG owned St Athan site"
"Through WAG we are actively exploring bringing our two operational sites together under one roof as part of the WAG development of the St Athan Aerospace Park and are very optimistic about the synergies and growth opportunities this will bring to the TES business and to the South Wales area."
Grant Thornton Corporate Finance in Cardiff were retained by the TES shareholders to lead the international process of finding a suitable equity partner to facilitate the business growth. The Grant Thornton team led by Paul Oldham and Trefor Griffith said:
"It was evident from early in the process that DVB would be an excellent investor and long-term partner for TES. TES is an excellent business and we look forward to watching their significant growth with the support of DVB"
Note to Editors
DVB Bank AG, based in Frankfurt/Main, is an international advisory bank and finance house that specialises in the global transport market. DVB offers integrated financing solutions and advisory services in respect of Shipping, Aviation, and Land Transport. The Bank operates out of offices in Frankfurt/Main, Hamburg, London, New York, Rotterdam, Hong Kong, Singapore, Tokyo, Bergen/Oslo, Piraeus, and Curaçao. DVB Bank AG is listed on the Frankfurt Stock Exchange (ISIN: DE0008045501).
www.dvbbank.com
TES Aviation Group is an independent aircraft engine asset management organisation, offering engine management consultancy services, engine disassembly, part-out, and materials procurement, to owners and operators of aircraft engines. Total Engine Support Ltd was founded in 1995 by Ashley Cooper and Bob James, former employees of Rolls-Royce & General Electric.
www.tes-uk.com
Contacts
Prof. Dr. Borislav Bjelicic
Senior Vice President
Corporate Communications DVB Bank AG
Phone: +49 (0) 69 9750 4390
borislav.bjelicic@dvbbank.com
Ashley G. Cooper
Joint Managing Director & CEO
TES Aviation Group
Phone: +44-1443-743500
ashley.cooper@tes-uk.com