21 Nov 2025

Corporación Financiera Azuaga and Hyperion Fund form MRO holding after acquiring Brok-air and agreeing to acquire ATS Aviation

"Corporación Financiera Azuaga and Hyperion Fund have formed a holding specialising in MRO after acquiring Brok-air and agreeing to acquire ATS Aviation; the ATS transaction remains pending completion and regulatory approval. Singular Bank advised the buyers on M&A and financing, Alvarez & Marsal performed financial due diligence, and the sellers were supported by iCorporate, Livingstone Partners and EY Abogados (vendor due diligence and legal advice)."

EY Abogados advised the sellers in the transaction. Singular Bank advised Corporación Financiera Azuaga and Hyperion Fund on M&A financial matters and on raising the debt necessary for the transaction. Alvarez & Marsal carried out financial due diligence for the buyers. The sellers were also supported by iCorporate (part of iCapital Asesores Financieros y Patrimoniales) and Livingstone Partners. Corporación Financiera Azuaga and Hyperion Fund have formed a holding company specialising in aeronautical maintenance, repair and operations (MRO) following the acquisition of Gestair and, more recently, Brok-air and ATS Aviation. The acquisition of Brok-air has been formalised; the ATS Aviation transaction is still pending completion and the entire operation is subject to approval by the competition authorities. The new group intends to lead consolidation in the MRO sector in Spain and Europe, offering comprehensive services that range from executive aviation to military programmes. With the recent transactions the company brings together more than 750 professionals and has infrastructure at Madrid-Barajas, Cuatro Vientos, Málaga-Costa del Sol and Castellón, as well as online services at more than 20 Spanish airports. The holding company holds military approvals (PECAL) and participates in maintenance and modernisation projects for critical fleets, including work on the CL-215T series 5 amphibious aircraft for the Ministry for Ecological Transition and Demographic Challenge, contributing to compliance with European regulations and improving firefighting efficiency. EY Abogados represented the sellers with a team composed by: Simeón García-Nieto (partner), Alejandra Pascual (senior manager) and José María Rojí (junior lawyer).
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