A notice of concentration has been filed with the Office for Competition as US equity firm H.I.G. Capital gears up to acquire Aviation Cosmetics.
H.I.G Capital is a global private equity firm that specialises in providing debt and equity capital to small and mid-sized companies. It claims to have over US$74 billion of equity capital under management.
Through its local subsidiary IAC Malta Limited, the company is set to acquire Aviation Cosmetics Malta, which specialises in aircraft exterior design.
Aviation Cosmetics used to provide aircraft painting services to commercial airlines and aviation leasing companies at Safi Aviation Park. However, the company landed in financial trouble after a dispute with another company.
Aviation Cosmetics became subject to a freezing order and was evicted from the government-owned land it operates on after it failed to pay its dues.
General Workers Union got involved when the company’s 58 workers did not receive their salaries due to the asset freeze. Their wages have since been paid and the workers are set to be absorbed by International Aerospace Coatings, an aviation sector service provider that has agreed to take over the Safi facility that Aviation Cosmetics operated from.
Interested parties can submit written objections the H.I.G. Capital plan to acquire Aviation Cosmetics at the Malta Competition and Consumer Affairs Authority or by sending an email to [email protected].
