2Excel Group Completes Growth Capital Investment and Group Refinancing
Deal provides further growth capital investment into the group, brings 2Excel Engineering (2EE) into 100% group ownership and completes a full refinancing.
New capital partner Crestline Europe specialises in direct private capital investments in resilient industry sectors across developed markets of Western Europe.
2Excel continues to execute ambitious expansion plans having won host of new contracts.
INNOVATIVE 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.
2Excel is one of the UK’s leading, cutting-edge aerospace engineering companies and special mission operators. It boasts the breadth of capabilities of much larger organisations while retaining the agility of a small to medium-sized enterprise. This announcement comes as 2Excel marks its 19th year.
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, said: “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.
“2EE 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.
“2Excel 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.”
“2Excel 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.
About 2Excel
2Excel combines the ability to design, build, test and certify aircraft with the highly skilled aircrew, engineers and scientists to deliver nationally-critical contract-air services and exploit remotely-sensed data to provide valuable, actionable insights. The Company has unrivalled aerospace approvals and enviable credibility with the Regulator.
2Excel is an innovative aviation and aerospace services business working across a range of industries including defence and security, engineering and disaster response. Activity is organised around two business lines: 2Excel Aviation, which comprises Capability Development, Special Missions, Charter and Insight; and 2Excel Engineering, which is a Maintenance and Repair Organisation.
About Crestline Europe
Crestline Investors, Inc., founded in 1997, is a global institutional alternative investment management firm with approximately $18.3 billion in assets under management (as of 31 Dec 2023). The firm is headquartered in Fort Worth, Texas, and maintains affiliate offices in Dallas, London, New York, Tokyo, and Toronto. The firm’s London-based affiliate Crestline Europe, LLP specializes in private capital investments in lower mid-market and mid-market companies and asset platforms in developed markets of Western Europe, focusing on resilient industry sectors and asset backed investments.
For media enquiries please contact:
Ben Griffiths
Group Communications Director, 2Excel Group
Communications@2excel.uk
