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STAR Capital acquires a cornerstone shareholding in SR Technics Switzerland

6 November 2002

STAR Capital Partners has acquired a cornerstone shareholding in SR Technics as part of a management buyout of the company by a consortium of financial investors led by 3i. The investor consortium and management have signed a contract with SAirGroup to buy out SR Technics Switzerland in a €425 million (£272 million) transaction. SR Technics is one of the world's largest service companies providing comprehensive technical support for aircraft, engines and components.

3i and Star Capital have agreed with the SAirGroup to buy out SR Technics, subject to approval by the authorities that is expected in 4-8 weeks. The total deal size will be €425 million (£272 million) including additional investment in the business with equity provided by 3i, STAR, management and co-investors. This will make it Europe's largest management buyout in the transport and logistics sector this year. The management team of SR Technics and its workforce will have a 12% stake in the company. Star Capital will be a strategic partner and cornerstone shareholder.

SR Technics has significant growth potential

SR Technics currently employs a workforce of 2,900 and expects a turnover of € 750 million in 2002. Together with a number of supporting banks the new ownership of SR Technics will provide very solid financial backing and will enable SR Technics to pursue an aggressive growth strategy.

Hans Ulrich Beyeler, CEO and President of SR Technics comments:"Our customers entrust us with the responsibility for the technical services in support of the valuable investments into their fleet of aircraft. SR Technics stands for excellence in service and a highly professional staff dedicated to the provision of total care, which sets industry standards. We are very glad that our new ownership provides us with the financial strength and stability our customers can depend on for continued and expanded services. As co-owners of the company, the management and all employees of SR Technics will remain strongly committed to meet the high expectations of our customers."

David Osborne, Director 3i comments "3i's investment in SR Technics reflects a willingness to make continued investment in the aviation market as well as to buy-out transactions. SR Technics is a market leading business, and together with the ambitious and committed management team, we will steer the company to achieve significant growth over the next years through extending its customer base and growing the range of services provided."




STAR Capital Partnership LLP

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London W1G 0PW
United Kingdom

Tel: +44 (0)20 7016 8500
e-mail: mail@star-capital.com

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