iCorporate, the M&A advisory firm of the iCapital group, together with Livingstone Partners and EY, have announced the closing of the sale of a majority stake in Brok-air Aviation Group, a Spanish company specialized in aircraft maintenance, repair and overhaul (MRO). The majority stake has been acquired by Corporación Financiera Azuaga and Hyperion, a European fund focused on the Defense and Aerospace sectors. The transaction marks an important milestone in the ongoing consolidation of the European aerospace industry.
The three advisory firms led all phases of the transaction, from strategic design and coordination to process management and final execution, ensuring a successful closing.
The integration of Brok-air Aviation Group, Gestair, and ATS Aviation results in a combined organization of over 750 professionals, operational presence in more than 20 Spanish airports, and 47,000 square meters of hangar space, offering comprehensive services across commercial, executive and military aviation.
Miguel Ángel García Brito, founding partner of iCorporate, stated: “This closing represents not only the culmination of an exemplary sale process, but also the birth of a solid industrial project with international projection. At iCorporate, we are proud to have accompanied Brok-air in a transaction that strengthens the Spanish industrial ecosystem and consolidates the leadership of a group with a clear long-term vision.”
Brok-air’s founders and CEOs, Santiago Rosas and José Manuel Sanz, added: “We are extremely proud to have played a key part in such a unique transaction within our sector and to have contributed to the creation of the most strategic MRO platform in Spain. The outstanding professionalism and dedication of iCapital, Livingstone and EY have been essential at every stage of the process.”
The sale process unfolded over 24 months and was designed and executed with a high degree of professionalization. After an initial phase of direct approaches, a fully structured competitive process was launched, generating significant interest in the market.
Given the size and complexity of the transaction, iCorporate organized a beauty contest involving more than 15 candidates, resulting in the appointment of:
Their combined expertise in valuation, financial structuring, strategic analysis and execution excellence played a decisive role in the success of the project.
The sale process attracted over 50 potential domestic and international buyers. Of these, 30 expressed formal interest, and seven submitted binding offers, including private equity funds and industrial groups from Ireland, the United States, the United Kingdom and the Netherlands.
Corporación Financiera Azuaga and Hyperion were ultimately selected based on their industrial vision and commitment to the sustainable growth of the business. Brok-air’s senior management will remain involved in the group, contributing their technical expertise and deep sector knowledge. iCorporate also advised Brok-air’s shareholders on the tax structuring of the transaction.
Eleuterio Abad, Partner at Livingstone Partners, noted: “The integration of Brok-air with Gestair and ATS Aviation consolidates a leading MRO platform in Spain with clear potential for European expansion. It has been a privilege for Livingstone to support this process.”
The MRO segment continues to benefit from strong market dynamics driven by the recovery of air traffic, the expansion of tourism, and increased defense budgets. These factors position Spain as a key player within the European aerospace industry.
“Transactions like this one demonstrate the value created through well-structured M&A processes that combine strategy, rigor and effective communication,” said Christian Domínguez, founding partner of iCorporate. With this closing, iCorporate strengthens its positioning and influence in high-value, complex transactions.
iCapital is a financial advisory and wealth management firm operating as a securities agency. Since its establishment in 2006, it has advised large families and institutions. With nearly 80 professionals and nine offices across Spain, the firm manages over €4.395 billion in financial assets. Independence, transparency and absence of conflicts of interest are the core values that have positioned iCapital as one of Spain’s leading independent wealth advisory firms.
Livingstone Partners, founded in 2007, is an independent international M&A and debt advisory firm specializing in mid-market transactions across Business Services, Consumer, Energy & Infrastructure, Healthcare, Industrial and Media & Technology. With a team of over 140 professionals across 15 global offices, Livingstone completes more than 65 transactions annually and has advised on nearly 350 transactions in the last five years.
More information: www.livingstonepartners.es
About Brok-air Aviation Group
Founded in 2009, Brok-air brought a new approach to the aircraft maintenance sector following the 2008 financial crisis. The company expanded rapidly throughout Spain and later into Portugal, now operating in more than 22 locations. Brok-air also owns the only training center for aircraft maintenance technicians in the Canary Islands, which has become a national benchmark and includes training for cabin crew and commercial pilots. The acquisition of Semasa MRO further strengthened the group’s capabilities in component maintenance. Today, Brok-air counts more than 450 professionals.
About EY
EY exists to build a better working world by creating long-term value for clients, people and society while building trust in the capital markets. Through data and technology, EY’s diverse teams in more than 150 countries help organizations grow, transform and operate effectively. EY teams operate across assurance, consulting, law, strategy, tax and transactions, asking better questions to find new answers to the complex challenges of today’s world.
cloud technology axon
AIVORIQ has grown significantly since Alantra PE launched the project....
