Bain garantiza el mantenimiento del empleo y la sede de ITP Aero

Bain guarantees the maintenance of employment and the headquarters of ITP Aero

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Bain Capital, the fund that bought the Biscayan company ITP Aero from Rolls-Royce, guaranteed yesterday Wednesday the maintenance of employment and the headquarters in Bizkaia of the aeronautical company after the Spanish Government authorized the sale of the company for approximately 1,700 million euros. Likewise, Rolls-Royce indicated that ITP Aero will continue to be “a key supplier and strategic partner in defense and civil aerospace programs.”

It’s a statement, the company confirmed that it expects the transaction to close in the coming weeks after obtaining authorization from the Council of Ministers, which was an essential procedure as it was a strategic company. Rolls-Royce reached an agreement to sell ITP Aero, based in Zamudio, to the consortium led by Bain Capital, and also made up of Sapa Placencia and JB Capital, on September 27 and was waiting to receive the corresponding authorizations. According to the British multinational, this operation completes its divestment program and that the approximately 1,700 million that will enter “will be used to rebuild Rolls-Royce’s balance sheet and boost the ambition to recover, in the medium term, the investment grade credit rating.”

“We would like to express our sincerethanks for the constructive work of all parties involved in this process, especially the Spanish and Basque governments. The sale of ITP Aero will complete our divestment program and is a very attractive result for all parties”, said the CEO of Rolls-Royce, Warren East. “A financially, technologically and industrially strong ITP Aero is vital to Rolls-Royce because the company will remain a key strategic supplier to us and our defense and civil aerospace programs for decades to come,” he underlined. “It is also a great opportunity for ITP Aero and its team. Bain Capital has shown its full willingness to support and invest in the future of the business and to build on its successful track record. We look forward to working closely with ITP Aero in the future,” added East.

For its part, Bain capital showed yesterday, Wednesday, its satisfaction with the decision of the Council of Ministers to authorize its investment in ITP Aero. Likewise, the buying fund reiterated its commitment to “a robust industrial project, which helped the ITP Aero Group to become a leader in the aeronautical and defense sector both at a European and global level”. Likewise, Bain Capital offered guarantees “of location, maintenance of employment and headquarters, exemption from export controls outside the EU, compliance with contracts and the proper treatment of sensitive information.”

The authorization of the Spanish Government includes a reserve of up to 7.5% of the shares for the formation of a consortium of industrial companies and institutions, among which the participation of the Basque Government is expected. In this regard, Lakua reiterated on Tuesday, after knowing the authorization, that he will continue working on his initial goal of being in the capital and having representation on the company’s board of directors. To do this, he maintains his commitment to achieve a “good agreement” of shareholders in which he feels “comfortable”.

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After the authorization, Ivano Sessa, managing director of Bain Capital, underlined that they are “fully committed to supporting the long-term stability and growth of ITP Aero, as well as its crucial role in the Basque Country and in Spain”. “Our business plan is deeply aligned with the management team and employees of ITP Aero, as well as with the Government. This is based on the enhancement of the company’s technological and industrial capabilities as a leading independent aeronautical company. We are now focused on closing the transaction”, added Tobias Weidner, also a director.

From ITP, Carlos Alzola, its general director, expressed his enthusiasm for the association with the consortium led by Bain Capital, “which has expressed a deep commitment to the Basque Country”, as well as with the team of the Biscayan company and with its continuous growth, and showed his gratitude to all the employees of ITP Aero for their support during the period of the sale process.

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