CataCap who has acquired a majority stake in TP Aerospace.

TP Aerospace, a Copenahgen, Denmark-headquartered aviation service company which repairs, leases and sells wheels and brakes to airlines across the globe, announced getting into an agreement for selling a major stake in the company to private equity firm CataCap.

The financial details of the transaction remain undisclosed. The two founders, Peter Lyager and Thomas Ibsø, will invest alongside CataCap as minority shareholders and continue in management. In addition, the global investor Adveq, investor in CataCap Fund I, will become a co-owner of TP Aerospace.

TP Aerospace, founded in 2008 and led by CEO Peter Lyager, is a global full-service provider of wheels and brakes for airlines worldwide.

The company has 174 employees in offices and service centres in Copenhagen, Dubai, Las Vegas, Orlando, Singapore, Melbourne and Hamburg. In 2016, TP recorded revenues of DKK 428M ($70M) and EBITDA of 74M danish crowns.

Market research shows that the global airline fleet will grow at 3-4% p.a. through 2026 and that airlines each year spend more than USD 2b on maintenance, repair and overhaul of wheels and brakes.