Livingstone’s aviation and defense team, together with iCorporate, the M&A division of the iCapital group, advised the owners of Brok-air on its sale to Corporación Financiera Azuaga and Hyperion Fund.
Founded in 2009 in Tenerife, Brok-air is the leading independent MRO in the Iberian Peninsula, specializing in line, base, and component maintenance services, as well as technical training through its own Academy. The company has a workforce of more than 300 professionals and a presence in more than 15 airports, reflecting sustained growth driven by the expansion of technical capabilities and the trust of its customers.
Corporación Financiera Azuaga, a Spanish investment group with a long-term focus on strategic industrial sectors, and Hyperion Fund, a European fund driven by a team with extensive experience in the defense and aviation sectors, have promoted the creation of an MRO holding company specializing in executive aviation, comprehensive maintenance solutions, repair, and civil and military aeronautical operations.
As part of this transaction, the holding company has simultaneously acquired Gestair and ATS Aviation, creating an organization with more than 750 professionals and 47,500 square meters of hangar space, distributed among the airports of Madrid-Barajas, Cuatro Vientos, Málaga-Costa del Sol, and Castellón, with an operational presence in more than 20 Spanish airports.
The transaction marks a new milestone in the consolidation of the European aeronautical sector and will enable the creation of a new leader specializing in comprehensive maintenance services for the aeronautical sector.
Santiago Rosas Bermúdez, co-CEO and founder of Brok-Air, commented: “We would like to express our sincere gratitude to the team at Livingstone Spain for their excellent work throughout the entire process of selling Brokair Aviation Group, Brokair Aviation Academy, and Semasa MRO. Their professionalism, commitment, and ability to understand the essence of our project were key to achieving such a positive result.
We would like to give special mention to Eleuterio, Juan, Alberto, Sergio, and Andrés, whose constant support, approachability, and temperance made all the difference at every stage of the process. Their sound advice and strategic vision gave us confidence and peace of mind at the most decisive moments. It has been a real pleasure to share this journey with such a personable and competent team.”
Eleuterio Abad, Partner at Livingstone, said: “The integration of Brok-air with Gestair and ATS Aviation strengthens a leading MRO services platform in Spain and lays the foundations for its expansion in Europe. It has been a privilege to accompany the owners of Brok-air and contribute to a transaction that reinforces the leadership of the Spanish aeronautical sector.”
Juan Romero, Partner at Livingstone, añadió: “The completion of this M&A transaction not only represents an exceptionally successful exit for our clients, but has also laid the foundation for the creation of a leading pan-European operator in the MRO sector.”
Miguel Ángel García Brito, founding partner of iCorporate, added: “The closing of this transaction represents the culmination of a strategic process that strengthens the Spanish business fabric and consolidates a project with an international vision. At iCorporate, we are proud to have accompanied Brok-air in a transaction that not only generates value for shareholders but also drives the growth of an industrial group with great potential.”
The MRO market in Europe is experiencing a period of expansion, driven by increased air traffic, growth in tourism, and the modernization of civil and military fleets. This context, together with increased investment in defense and demand for specialized services, is accelerating the processes of concentration and the emergence of new groups with scale and technological capacity.
With the completion of this transaction, Livingstone consolidates its position as a leading advisor in the mid-market segment, providing strategic insight and rigorous execution in high value-added transactions.
