Dutch investors take majority stake in Irish aircraft painter Maas
Founder and majority shareholder Darragh Hall leaves company after deal with Egeria
Aircraft are painted for protection and against corrosion and must be repainted at intervals throughout their lives
Amsterdam-based investment firm Egeria said on Thursday that it had bought a majority stake in Maas. The Dutch company normally backs businesses worth €50 million-€350 million.
Most of the current management, including chief executive Tim Macdougald, are staying with Maas and will continue to own a minority stake in the group.
However, Darragh Hall, who owns 76 per cent of the group through its ultimate holding company, Devonton, is leaving.
It was not clear yesterday if Egeria was buying Mr Hall’s shares as the Dutch player refused to comment beyond its statement. There was no one available to speak at Maas.
The business, based in Donabate, Co Dublin, has forged a partnership with Airbus, one of commercial flying’s two dominant manufacturers. It invested €15 million in expanding its facilities two years ago.
Aircraft are painted for protection and against corrosion and must be repainted at intervals throughout their lives. The livery is also changed when moving from one airline to another, or when a carrier decides to rebrand.
In a statement Mr Macdougald described Egeria’s move as a “positive step for the company”. He added that it provided the backing to support existing operations and future growth. He thanked Mr Hall for his contribution to the company.