Forward advise on the buyout of GT Engine Services

Forward is delighted to have advised Greg Macleod on the buyout of GT Engine Services (GTES) from his fellow founder Tom Sinclair. Forward worked with Greg to support him through the transaction and help negotiate a structure that worked for all parties.

Incorporated in 2010, GTES is a jet engine care and maintenance company that serves Airlines, Aviation Companies & Aircraft Leasing firms by servicing, repairing and storing aircraft engines.

Based at London Stansted Airport, GTES has over 100,000 sq ft of bespoke, secure and climate-controlled space and is in a niche market position as one of the only independent jet engine maintenance companies in Europe.

GTES achieved record turnover in 2020, delivering strong profits in a challenging operating environment. The investment in highly qualified staff, apprentices, property and tooling has created an excellent platform for growth in a global market.

The buyout enables Greg to invest further in the business and focus on delivering profitable growth in new work streams such as module and life limited parts replacement to increase engine life, and targeted repairs for performance restoration.

Greg Macleod commented, “I’m delighted to have finalised the buyout of GTES. Navigating business as usual, whilst completing the deal during the pandemic were daunting tasks, which at times needed the calming influence that Forward provided. Everyone at GTES is excited by the growth opportunities we have over the coming years.”

Rob Dukelow-Smith, Director, Forward Corporate Finance said, “It was a pleasure to work with Greg over the last 18 months to complete this transaction. The aviation sector has obviously had its challenges with the uncertainty of Brexit and the global pandemic, but with a core offering that enables customers to outsource their engine care to an independent specialist, the future looks promising for GTES and its excellent team.”

Buyside legal advice for the transaction was provided by Lucy Folley of Tees Law.

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