Airplane Group has successfully completed a generational transition through a majority LBO backed by Ciclad

October 2024 — The Airplane Group, a major player in the painting and maintenance of regional and single-aisle aircraft, is reorganizing its capital structure as the founder transitions leadership to the second generation. The transaction took the form of an LBO in which the investment fund Ciclad acquired a majority stake, with BNP Paribas Développement also participating. This move aims to strengthen the group’s financial foundation and support its development plan.

Founded in 2002 by Ersun Arslan, Airplane Painter specializes in aircraft painting and pioneered the innovative concept of a mobile painting booth, enabling work to be conducted directly at the customer’s premises. In 2012, the company moved to the strategically located Toulouse Francazal airport, near the ATR and Airbus production lines. Airplane Delivery was established in 2017 to provide comprehensive maintenance, repair and overhaul (MRO) services alongside aircraft painting, catering to aircraft manufacturers, airlines and leasing companies. The complementary nature of these services allows the Airplane Group to perform all aircraft painting and maintenance work at the same location, reducing turnaround time and minimizing customer costs. Airplane currently employs 150 people and is a one-stop shop with recognized expertise, supported by numerous approvals and certifications. Each year, the company maintains and paints dozens of aircraft for over 300 customers, including aircraft manufacturers such as Airbus, Boeing, ATR and Embraer; airlines like Alphastar, Canary Fly, Binter, Chalair and Air Corsic; and major global aircraft leasing companies, including Nordic Aviation Capital, DAE Capital, Falko, Aergo and Macquarie Airfinance.

Ciclad is a long-established independent private equity firm in France. Since its founding in 1988, Ciclad has invested alongside nearly 180 executives and management teams. Ciclad focuses on buy-outs and equity financing for French small and medium-sized enterprises (SMEs) and intermediate-sized enterprises (ETIs), particularly those with strong growth potential, whether through organic growth, build-up strategies or other methods. The Ciclad team currently consists of 25 professionals.

BNP Paribas Développement, an independent subsidiary of the global banking group BNP Paribas, has invested its own funds for over 30 years to support the growth of successful SMEs, ETIs and start-ups. As a minority shareholder, it plays an important role in ensuring their long-term sustainability by facilitating business transfers.

Our role in the transaction

Oaklins’ team in France was responsible for the sale of Airplane Group, which had previously been owned by its founding shareholder. Following a dual-track process involving private equity funds, banks and strategic buyers in the aircraft painting and MRO sectors, the shareholder chose to sell the business to private equity funds. Throughout the process, the team successfully negotiated the transaction with the private equity funds and secured financing from the banks.