Avio

Avio is one of the world’s leading designers and manufacturers of components and systems for commercial, military and space launch engines. Its activities include jet derivative engines and automation systems for naval and industrial applications, power generation and a highly successful maintenance, repair and overhaul operation for civil and military clients. Based in Italy, the company has a technological lead in key areas, with long-term contracts and a well-balanced business. Avio’s 4,900-strong workforce operates out of 16 locations, and in 2006 the company generated a turnover of €1.4 billion.

Cinven acquired Avio in August 2006. Nine months ahead of the auction process, Cinven asked Skillcapital to identify and recruit a number of former aerospace industry executives who could assist with due diligence. They included James Barrett, former Chairman of GE’s aircraft engines business. The advisory team worked alongside Cinven and its strategic consultants to create an investment thesis for the acquisition of Avio. They were able to contribute significant insights into the aerospace cycle, giving the firm an important advantage in the bidding process. After Cinven’s successful bid, James Barrett joined Avio as a non-executive director, with responsibility for strategy formation and relationships with key customers and suppliers.

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