Renamed Transaero bought out of examinership in €2.5m deal

Former Siteserv executive Patrick Jordan has bought aircraft maintenance specialist Atlantic Aviation Group out of High Court protection in a €2.5 million deal.

The business, formerly known as Transaero, had been in examinership since January after its Russian parent ran into difficulties, but emerged from the process this week after the High Court approved a rescue deal put together by Michael McAteer of Grant Thornton.

Mr Jordan is taking over the company in a transaction understood to be valued at €2.5 million. Under its terms he is paying €1 million for the business and putting up €1.5 million in working capital.

In 2006, Mr Jordan sold his building services company, Easy Access, to Siteserv for €17 million cash and shares.

He remained as chief operations officer until 2012, the year that the Irish Banking Resolution Corporation sold Siteserv to a Denis O'Brien-owned company in a move that sparked controversy. Mr Jordan has no previous background in aviation.

Atlantic Aviation is based at Shannon Airport and employs 220 people, whose jobs will be secured as a result of the sale.