Irwin Mitchell Advises On Significant Aviation Transaction

The Corporate and Banking teams at law firm Irwin Mitchell have advised innovative aviation and engineering business, 2Excel, on a significant growth capital and refinancing deal in the UK aerospace industry.

The transaction and the backing of new capital partner, Crestline, provides the newly established 2Excel group with new long-term capital support to fuel its ambitious growth strategy, including internationally.

Established in 2005, 2Excel started operating as the world’s only commercial aerobatic airline the following year, before rapidly expanding to provide contract-air services for the UK Government and the global oil and defence industries, as well as VIP charter flights and complex aerospace engineering.

As a result, the business has grown from just five people and four aircraft at launch to today’s 540 employees and 30 aeroplanes.

Irwin Mitchell’s Corporate team, headed by Partner Bryan Bletso and Senior Associate Ben Gale, and Banking team, headed by Partner Dan Webster, advised 2Excel on the transaction.

Expert Opinion

“The transaction positions the 2Excel Group for further growth as one of the UK’s cutting-edge aerospace engineering companies and special mission operators. The business has enjoyed a strong and impressive growth trajectory in recent years and with this latest transaction it has an exciting future ahead and we look forward to seeing it continue to go from strength to strength.”
Ben Gale, Senior Associate at Irwin Mitchell

Andy Offer, Chris Norton and Harant Singh, 2Excel’s founders, stated:

“We’ve started the new financial year with a host of opportunities to build on extremely solid foundations. Crestline Europe is the right partner for the next phase of our growth strategy and this agreement will super-charge that, allowing us to continue to build value for all our stakeholders.

"2 Excel Engineering is an MRO with an enviable reputation and extraordinary skills that is a critical supplier to our contract-air services. Bringing it into the newly established Group as part of the deal brings together two organisations with aligned strategies and complementary capabilities, which further reduces the Group’s third-party risk.

"The 2Excel Group remains uniquely positioned thanks to its suite of approvals, its credibility with the Regulators and its ability to rapidly turn complex aerospace concepts into capabilities. Its exceptional workforce has pulled together to deliver its operational plans and that collective effort has been recognised in this financial commitment. We look forward to a bright future in partnership with Crestline.

"The team at Irwin Mitchell have been by our side throughout this refinancing process, providing valuable advice as we pursued the ideal solution for the 2Excel Group. Their support has been invaluable.

"They helped us negotiate the way forward as we created a future-focused partnership which has laid the foundation for a truly progressive and sustainable collaboration.”

Jonathan Redman, Managing Director at Crestline, added:

“The 2Excel Group combines impressive capacity for innovation with its operational capability to create a high-quality aerospace business. With its combination of outstanding people, scope for growth and contractually supported business model, 2Excel is precisely the kind of investment we seek for our capital at Crestline, and we are excited by this new partnership.”