Crestline invests in 2Excel
Image courtesy 2Excel
Aviation and engineering company 2Excel Group has completed a growth capital and refinancing transaction with the backing of new capital partner Crestline, to pursue its ambitious growth strategy.
This transaction underpins the long-term sustainability of 2Excel by providing new long-term capital support, funds the acquisition of 2EE and positions the group for further growth as one of the UK’s cutting-edge aerospace engineering companies and special mission operators.
Created in 2005, 2Excel started operating as the world’s only commercial aerobatic airline the following year, before rapidly expanding to provide contract-air services for the UK Government and the global oil and defence industries, as well as VIP charter flights and complex aerospace engineering.
As a result, the business has grown from just five people and four aircraft at launch to today’s 540 employees and 30 aeroplanes.
Andy Offer, Chris Norton and Harant Singh, 2Excel’s founders, stated: “We’ve started the new financial year with a host of opportunities to build on extremely solid foundations. Crestline Europe is the right partner for the next phase of our growth strategy and this agreement will super-charge that, allowing us to continue to build value for all our stakeholders.
“The company is an MRO with an enviable reputation and extraordinary skills that is a critical supplier to our contract-air services. Taking 2EE into the newly established 2Excel Group brings together two organisations with aligned strategies and complementary capabilities, which further reduces the Group’s third-party risk.
“The company remains uniquely positioned thanks to its suite of approvals, its credibility with the Regulators and its ability to rapidly turn complex aerospace concepts into capabilities. Its exceptional workforce has pulled together to deliver its operational plans and that collective effort has been recognised in this financial commitment. We look forward to a bright future in partnership with Crestline.”
“The company combines impressive capacity for innovation with its operational capability to create a high-quality aerospace business,” said Jonathan Redman, Managing Director at Crestline. “With its combination of outstanding people, scope for growth and contractually supported business model, 2Excel is precisely the kind of investment we seek for our capital at Crestline and we are excited by this new partnership.”
Grant Thornton acted as lead financial advisers to 2Excel.
