Private equity firms Renatus Capital Partners and Martello Group have bought a stake in flight training specialist, Simtech, from its founders Sé Pardy and Fergal Keogh.
Simtech runs flight simulation and pilot training from a custom-built facility in Dublin Airport Logistics Park. A number of airlines, including Aer Lingus, use its service and it trains pilots from Ireland, Britain, Europe, the Middle East and Asia.
Mr Keogh, the company's chief executive, confirmed on Monday that Renatus and Martello have taken a stake in the business. Its new investors want to expand the company by exploiting the current growth in aviation.
Declan Dooney of Excel Aviation will take over from Mr Keogh, who is retiring and had been seeking a successor. Mr Pardy is staying with the business.
“We both wanted to ensure the business we had built was preserved and that any incoming partner would bring the necessary industry expertise and capital to scale the business and realise its full potential,” Mr Keogh said.
Mark Flood and Brendan Traynor founded Renatus in 2014. It focuses on small to medium-sized Irish companies with the potential to grow their businesses.
Martello specialises in aviation, leisure and property investments. Douglas Brennan, who has a background in aviation finance, established the company.