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Bridgepoint Takes €65M Senior Debt Package From BlackRock to Finance Acquisition of SK AeroSafety

Relevant Documents: Acquisition Announcement UK Subsidiary Accounts 2021 Bridgepoint has financed its acquisition of U.K.-based aircraft services business SK AeroSafety from U.S. private equity firm Levine Leichtman Capital Partners using a senior secured debt package of €65 million from BlackRock, sources told Reorg. The leverage equates to 4.25x its about €16 million EBITDA, sources added. Levine Leichtman acquired the SK Aerosafety in a carve out from SK FireSafety Group, when it was owned by Apax Partners in 2019, according to a statement. Apax later sold the rest of SK FireSafety to U.S.-based safety company APi Group for around $300 million, as reported. Avia Technique Ltd. the largest U.K. subsidiary of the SK AeroSafety group reported profit before tax of £1.9 million from annual revenues of £13.4 million in 2021, according to its accounts. Established in 2012, SK AeroSafety specializes in the repair and overhaul of aircraft safety and survival equipment. Its equipment repair services range from evacuation slides, life rafts, life vests, fire extinguishers, oxygen masks and oxygen cylinders. The company operates from 14 locations across North America, Europe, the Middle East and Asia and employs more than 340 people worldwide, according to its website. – Lucia Camblor, Oscar Laurikka