Category: Commercial

Global cloud enterprise software company IFS promoted Mark Moffat chief executive officer (CEO). Moffat takes over from Darren Roos who has been appointed as the company’s chair of the board. Both appointments are effective immediately.

The transition provides great continuity for the business by building on the successful strategy that has seen IFS transform into the leading vendor for Asset & Service Management software. Moffat, Roos and the IFS Executive Team have been working on the transition over the past six months as part of the Board’s succession planning process.

Moffat, who was previously IFS’s chief customer officer, is a well-known and respected technology leader having held several senior positions at PwC before joining IFS.

“It is a great honor for me to lead IFS as we embark on this next chapter of growth,” said Moffat. “The business has immensely strong foundations to build upon and we have been putting all the right ingredients in place to continue to deliver on our strategy: a differentiated proposition, a hugely advanced and capable AI-based product, an engaged customer base, a motivated partner ecosystem, and of course our talented employee base.” Moffat continued: “I want to recognize and thank Darren for the impact he has had as my predecessor. I look forward to working with him in his new capacity as IFS’s Chair of the Board.”

Under Roos’ tenure as CEO, IFS has more than tripled its overall revenues and transformed into a true Cloud business, from both a product and revenue perspective with 79% of total revenue now recurring (up from 36% when he joined). Thanks to sustained organic growth and customer satisfaction scores that set the industry benchmark, IFS has become the trusted vendor for industry focused applications that help manage assets, people and customers.

Darren Roos, chair of the board at IFS, commented: “I am thrilled to appoint Mark as my successor. He has a proven track record, brings a strong network, and is a great leader that people want to follow. I am proud of all that has been achieved since I joined IFS and want to thank the thousands of women and men throughout the business who have lived our shared values and made our customers successful. I am pleased to be continuing my journey with IFS, albeit in a different capacity. There is so much opportunity in the market and, together with the Board, I will work with Mark and his team to ensure we effectively capture it.” Roos concluded: “I take over as chair of the board from Jonas Persson, who I want to thank for his great governance and counsel over the years.”

Johannes Reichel, partner at EQT (majority owner of IFS), added: “Darren and the leadership team have delivered phenomenal results in turning IFS into one of the fastest growing software businesses operating at scale. Mark has the right background and ambition that will enable IFS to take advantage of the opportunity ahead, and we look forward to him partnering with Darren as our new Chair of the Board.” Reichel added: “I also want to thank Jonas Persson who leaves the IFS Board, having been the Chairperson since EQT acquired the business. He will continue to serve as a Senior Advisor to EQT and is the Chairperson at several other EQT-owned software businesses.”

IFS is backed by investors EQT, Hg and TA Associates, a group of world-class investors that have been invested as a trio in IFS since 2022 in a transaction valuing IFS at over $10bn. Together they bring decades of software experience, backing IFS for its next wave of growth.

Clear4TakeOff, an aircraft window repair and restoration company, has been awarded the Part 145 Repair Station Certificate under the corporate name Quality Aircraft Acrylics. This designation will  expand its ability to purchase, sell and service high quality aircraft parts to private, commercial and defense industry aviation customers worldwide.

Thomas J. Esposito, founder and managing partner of Clear4Takeoff, is a 30-year veteran and business innovator serving the aerospace industry. “The approval by the FAA of Part 145 Repair Station is a natural complement to our aircraft parts repair and replacement services and will advance our ability to source and sell high quality surplus parts from operator inventory while continuing to provide onsite refurbishment services,” Esposito said.

In addition to flight deck and cabin window repair, Quality Aircraft Acrylics will be able to provide customers with an advanced method for the repair of wingtip and landing light lenses, found on most Airbus and Boeing models. “Quality Aircraft Acrylics owns a proprietary process for this exclusive repair process with a Patent Pending with the United States Patent and Trademark Office.”

Quality Aircraft Acrylics is now an additional source for aircraft part purchasing, repair, and distribution. “Each member of our parts, repair, and service team is ready to answer questions and offer support to help resolve any issues. Our customers benefit from inventory access and quality control through Quality Aircraft Acrylics, with access to more than 70 years of aviation service expertise with Clear4Takeoff,” said Esposito.

AAR CORP. has entered into a definitive agreement with Triumph Group to purchase Triumph Product Support for $725 million in cash. As part of the transaction, AAR expects to receive estimated tax benefits with a present value of approximately $80 million. Including the estimated tax benefits, the effective purchase price multiple is expected to be 11.7x FY2024 EBITDA and 9.9x including estimated run-rate synergies of $10 million.

Triumph Product Support is a leading global provider of specialized maintenance, repair, and overhaul capabilities for critical aircraft components in the commercial and defense markets. The company provides MRO services for structural components, engine and airframe accessories, interior refurbishment, and wheels and brakes. Additionally, Triumph Product Support designs proprietary designated engineering representative (DER) repairs and Parts Manufacturer Approval (PMA) parts.  

Triumph Product Support services both the commercial and military aftermarkets across five primary locations with a highly skilled workforce of over 700 employees.  The business is projected to generate approximately $280 million of revenue and $55 million of EBITDA, representing an EBITDA margin of 20%, in its fiscal year ending March 31, 2024. 

“Today we are very excited to announce the execution of an agreement with Triumph to acquire its Product Support business. Triumph Product Support has built an excellent reputation for high quality and differentiated repair offerings. This highly strategic acquisition will deepen and broaden our customer relationships globally and expand our footprint. Furthermore, the addition of this high-margin business is expected to further increase our operating margin and is expected to be accretive to our earnings. We look forward to welcoming Product Support’s talented team to AAR,” said John M. Holmes chairman, president and chief executive officer of AAR CORP. 

AAR’s acquisition of Triumph Product Support is supported by a fully committed bridge facility. AAR intends for permanent financing to include a mix of debt and equity to maintain a strong balance sheet to support future growth. AAR will target pro forma net leverage to be approximately 3.0x at closing, inclusive of a potential equity issuance subject to market conditions. After closing, we expect strong combined free cash flow to enable further deleveraging.

The transaction is expected to close in the first quarter of the 2024 calendar year, subject to customary closing conditions, including receipt of certain regulatory approvals.

Aeroflot Technics, an aircraft maintenance and repair provider (part of the Aeroflot Group), has opened a linear maintenance station at Mineralnye Vody Airport.

The new station is part of the planned expansion of the geography of Aeroflot Technics presence in the regional areas of Russia and will allow for operational maintenance of narrow-body airliners Airbus A320, Boeing 737NG and Superjet 100.

The linear station has passed the certification of aviation authorities, is equipped with “modern material and technical base and is staffed by highly qualified specialists with the necessary permits for various types of routine maintenance,” the company said in a press release.

The engineering and technical staff of the Aeroflot Technics line station will provide technical support for the arrival and departure of flights of Aeroflot Group airlines, as well as a number of other Russian air carriers.

Together with the new station, the total number of Aeroflot Technics in Russian cities has reached 15. Due to this, the provider retains the status of the largest domestic network of linear aircraft maintenance stations from Kaliningrad to Kamchatka.

In the coming weeks, Transavia France will receive its first A320neo aircraft as part of a fleet renewal program. The French low-cost airline has selected AFI KLM E&M, which for several years now also support its Boeing 737 components, to provide flight readiness and operational launch support for this new-generation narrow-body aircraft, via the signature of a custom-designed component support program.

The service package put together by AFI KLM E&M for its longstanding customer includes repair services, pool access and the provision of a Main Base Kit (MBK). These services will cover an extended range of components, going beyond Line Replaceable Units (LRUs) to include other critical items such as wheels and tires, oxygen systems and batteries. The support provided will cover Transavia France’s entire A320neo fleet.

In addition, the French airline will benefit from simplified order processing and streamlined maintenance management, via the establishment of an interconnection between its operating systems and the AFI KLM E&M information system via the Aeroxchange platform.

Throughout the years and their various collaborations, AFI KLM E&M and Transavia France have developed a special working relationship. This highly productive partnership is now being extended to the A320neo, a product for which AFI KLM E&M has developed in-depth knowledge and expertise: by capitalizing on its A320 experience as an Airline-MRO and by providing A320neo support services for several operators around the world, including major airlines such as IndiGo, AFI KLM E&M has developed a range of services built upon a solid foundation of technical and operational proficiency.

“AFI KLM E&M is a benchmark partner for our airline in the field of aviation maintenance. Our relationship is based on a sense of mutual trust and understanding that helps facilitate our interactions, and this was once again the case when it came to expressing our maintenance needs for our A320neo fleet,” said Oliver Mazzucchelli, CEO at Transavia France. “AFI KLM E&M was able to take our expectations fully into account, designing a custom-built service package that’s oriented towards our performance, availability, and reliability goals. The proximity between our facilities and the AFI KLM E&M component workshops in Paris provides a further degree of reassurance and responsiveness and is a considerable bonus for our airline.”

Anne Brachet, EVP Air France-KLM Engineering & Maintenance, added: “We’re delighted that Transavia France is once again entrusting our maintenance services for its A320neo operations. We already provide support for over 400 A320neo-type aircraft for our customer airlines, and consequently have developed substantial expertise, dedicated processes, and human and technical resources for this product. These various assets will now be put to work for Transavia France, with a view to providing high-performance, proximity-based support that’s precisely customized to suit their operational needs.”