Dublin-based aerospace testing and repair company TEAM Accessories has been acquired by New York-listed precision control systems designer and manufacturer Moog Inc.
The terms of the deal were undisclosed.
Moog Inc designs high-performance control systems for commercial aircraft, satellites and space vehicles, launch vehicles, automated industrial machinery, marine and medial equipment.
TEAM specialises in the maintenance, repair and overhaul for high value accessories on jet engines for clients including Aer Lingus and Lufthansa and operates out of its specialist engineering site in Dublin.
The company was founded in 1995 and acquired by Pat McEvoy and Tom Gibbons in a management buyout in 2017.
In Association with
BGF, the growth capital investor backed by ISIF, AIB, Bank of Ireland and Ulster Bank, acquired a minority stake in the firm for €5m two years later.
Former Gardner Aerospace executive chairman Nick Sanders and ex-Ryanair COO Michael Hickey joined the TEAM board as non-executive chairmen as part of the latter transaction.
"We have pursued a focused growth strategy over the past number of years and have made great progress in developing the business," said McEvoy and Tom Gibbons in a statment.
"The opportunity now to join forces with one of the world’s leading businesses in this sector is a validation of the hard work that everyone in the company has committed to the business. This deal promises enormous opportunities for everyone in TEAM and we are both proud and excited to be taking this next step.”
The pair said that BGF investor Mark Sykes, Sanders and Hickey had "played key roles as directors and made an important contribution to the business. We want to express our huge appreciation for their hard work since 2019."
Sykes said: "Our objective at BGF is to provide financial and strategic support to growing Irish companies to help them achieve their potential. This is exactly what has happened with TEAM.
"Pat and Tom have done an exceptional job navigating what could have been challenging times over the last number of years, and it is to their immense credit that a business of the calibre of Moog is now partnering with them for their next phase of growth. Pat and Tom will continue to lead the business and we wish them and everyone at TEAM great success in the years ahead."
The latest financial statments for TEAM show the company had net assets of $3.5m (€3.2m) and employed 33 people -- eight management, nine office staff and 16 factory staff -- at the end of 2020.
TEAM booked a profit of $403,400 (€361,200) that year, an improvement from the €254,000 surplus in 2019.
"We are very excited to welcome Team Accessories into the Moog family," said Mark Brooks, commercial aftermarket vice president at Moog.
"This acquisition is a key strategic step in the expansion of our Moog Total Support service offering providing an integrated component support solution to the airlines. With our collective experience we will continue to expand to new engine types."
Grant Thornton and Dentons advised TEAM on the financial and legal aspects of the deal, respectively, and Fieldfisher provided BGF with legal advice.
Photo: Tom Gibbons (left), Mark Sykes, Pat McEvoy and Leo Casey in 2019. (Pic: Fennell P/graph)
