Sector: Industrials

Business Overview

  • Founded in 1916, Revima is a leading maintenance and repair provider to the civil and freight aviation industry
  • The company provides services to three types of customers: (i) Original equipment manufacturers such as Boeing and Airbus; (ii) Airlines such as Air France KLM, Korean Air, Emirates and Qatar Airways, and; (iii) Freight companies such as UPS, Atlas Air, Cargolux and FedEx
  • Revima is focused on two main components: Auxilliary Power Units (“APU”) and Landing Gears (“LG”)
  • Revima has established a leading position in the market as one of the most comprehensive APU repair and overhaul facilities, with capabilities covering over 20 models fitted in 20 airlines. Maintenance and repairs for both APU and LG business lines are performed at the company’s headquarters in France
  • The company also has commercial and customer support offices in Asia, North America and the Middle East allowing them to offer worldwide support 24/7 and a full in house repair service

Investment Thesis

  • Structurally growing market in MRO with demonstrated resilience during times of high market volatility
  • Revima is an established provider in the market with high market share and a longstanding customer base of OEMS, airlines and freight companies
  • High level of expertise as one of the only provider to cover all types of Auxiliary Power Units from both manufacturers (P&W and Honeywell) and significant barriers to entry for new competitors
  • Strong and experienced management team demonstrated by the successful historical merger of the APU and LG businesses and subsequent growth in recent years