The fund “awaits” the participation of the Basque government in the consortium to which it reserves up to 27.5% of the shareholding
BILBAO, 3 years ago. (EUROPA PRESS) –
The Bain Capital fund received “with satisfaction” the authorization of the Council of Ministers for its purchase of ITP Aero and reiterated its commitment to a “robust” industrial project, which will help the Basque manufacturer to become “a leader in the aeronautics and defense sector both at European and global level”.
In a statement, Bain Capital recalled that the authorization includes a reserve of up to 27.5% of the shares for the formation of a consortium of industrial companies and Spanish institutions, among which “the participation of the Basque government is expected”.
The fund also offers “guarantees” both in the field of localization programs of national and European interest and “maintenance of employment and headquarters”, as well as exemption from export controls outside the EU, contract compliance and the proper handling of “sensitive information”. .
In its press release, the American fund indicated that an agreement was reached in this operation which “establishes conditions of special protection for industrial and defense interests”.
The company also recalled that, from the start of the talks to acquire the shares of Rolls Royce, it had expressed its commitment to a robust industrial project, “which helps the ITP Aero group to become a leader in the aeronautics and defense sector. at both European and global level.
In this regard, Managing Director and Co-Head Europe Industrials of Bain Capital Private Equity, Ivano Sessa, explained that the clearance from the Spanish government “successfully completes the regulatory approval process”.
In the same vein, he indicated that, at Bain Capital, they are “fully committed to supporting the stability and long-term growth of ITP Aero, as well as its crucial role in the Basque Country and Spain”, Sessa added.
For his part, Bain Capital’s director of private equity, Tobias Weidner, said the fund’s business plan “is deeply aligned with the management team and employees of ITP Aero, as well as with the government” and is based on “enhancing the company’s technological and industrial capabilities as an independent aerospace leader.” Weidner announced that after receiving clearance, they are “now” focused on the closing of the transaction.
The statement made public by Bain Capital Private Equity considers that the agreement reached with the Spanish government represents “the beginning of a new stage which guarantees the future and offers stability to ITP Aero”.
Likewise, from Bain Capital, they claim to be “aware” that recent international events “highlight the need to ensure the autonomy of the European Union and its Member States (EE.MM) in certain strategic areas and especially in the defense sector.
Under Bain Capital’s leadership, the company looks forward to further accelerating its growth trajectory and expanding its industrial and technological capabilities.
For his part, the CEO of ITP Aero, Carlos Alzola, said that for more than 30 years, “ITP Aero has been a successful company and market leader in the aeronautical field”.
In this regard, he said they were “excited about our partnership with a consortium led by Bain Capital, which has expressed a deep commitment to Euskadi, our team and our continued growth”.
After giving special thanks to all ITP Aero employees for their support during the sales process, Alzola said they look forward to working with all interested parties – customers, partners, government – in this “exciting time. of change in the industry towards more sustainable aviation, where ITP Aero will play a key role as a national leader in the field of aeronautical propulsion”, he concluded.