- The MRO holding, created after the acquisition of Gestair, is launched with the aim of consolidating itself as a leading European operator in executive aviation, offering maintenance, repair, and operations services for civil and military aircraft through a strategy of consolidation and expansion.
- This is a key sector for the aerospace supply chain, which is currently in a growth cycle and is expected to increase by $5 billion in Europe alone over the next ten years.
Madrid, September 2, 2025.– Corporación Financiera Azuaga and Hyperion Fund have created an MRO holding specialized in executive aviation and integrated maintenance, repair, and operations solutions for both civil and military aircraft. Following the acquisition of Gestair, they have now acquired Brok-air and ATS Aviation, two companies in the sector with an extensive track record in Spain. The transactions are currently subject to approval by competition authorities.
The new company is born with the purpose of leading the consolidation process in the highly fragmented MRO sector, aiming to become a European benchmark operator both in executive aviation and in comprehensive aircraft maintenance services. In this context, the acquisition of Gestair was completed in May 2025, marking the beginning of its strategic positioning.
With the integration of Gestair, Brok-air, and ATS Aviation, the company brings together the talent and expertise of more than 750 professionals, specialized infrastructure in the country’s main aeronautical hubs, and a comprehensive service offering that covers the full spectrum of aircraft maintenance, from executive aviation to the military field.
The holding will manage over 47,500 m² of hangars distributed across Madrid-Barajas, Cuatro Vientos, Málaga-Costa del Sol, and Castellón airports, in addition to providing line maintenance at more than 20 Spanish airports. This consolidated infrastructure enables the provision of specialized and highly competitive solutions across all segments of the sector.
The group’s infrastructure holds the necessary military approvals (PECAL), positioning it as a trusted partner for fleets engaged in critical defense and national security missions.
It also stands out in other areas such as the maintenance and modernization of the CL-215T series 5 amphibious aircraft fleet of the Ministry for Ecological Transition and the Demographic Challenge, with the aim of ensuring compliance with European regulations and improving efficiency in combating forest fires.
According to Fernando Morales, President of Corporación Financiera Azuaga and of the holding, “The acquisition of Brok-air and ATS Aviation is a decisive step in transforming MRO SL into a national leader and an international benchmark in the sector, while continuing to deliver excellent service in executive aviation. Our goal is to build a major European operator, leading in integrated maintenance services for the aeronautical sector, which is currently highly fragmented and where consolidation represents a significant opportunity due to its strategic importance and growth potential—an opportunity we are confident we will actively and sustainably contribute to.”
The European MRO market is currently expanding, with growth forecasts close to $5 billion over the next decade, driven both by increased air traffic and by higher defense spending and fleet renewal.
Recent NATO announcements of long-term development programs, such as the replacement of the AWACS (Airborne Warning and Control System) fleet by 2035 or the FCAS (Future Combat Air System)—a multinational project led by Spain, France, and Germany to develop a sixth-generation air combat system including connected fighters, drones, and artificial intelligence systems, with planned entry into service in the 2040s—are just some examples that reflect the sector’s future outlook. In this context, MRO SL positions itself as a key player in this growth cycle, leading a strategy of consolidation, investment in technical capabilities, and innovation in processes and services.
For Hyperion Fund and Corporación Financiera Azuaga, the transaction was advised by Alvarez & Marsal (financial due diligence), Pérez-Llorca, Garrigues, and Ontier (legal advisors), and Singular Bank (financial advisor).
BROK-AIR – Leading Aircraft Maintenance Provider
Brok-air is a leading aircraft maintenance company in Spain and Portugal. Its activity revolves around four main business lines: line and base maintenance; Semasa MRO (acquired in 2022, providing maintenance, repair, and overhaul of batteries and survival equipment, brakes, and wheels); Aviation Academies (aeronautical training centers in the Canary Islands and Malta); and Executive Aviation.
The company holds a broad range of international certifications (EASA Part 145, EASA Part 147, CCTO, FSTD; FAA Air Agency Certificate; CAA UK; TCCA Canada; approvals from Bermuda, Guernsey, and Cayman; DOT; PECAL for the military sector; ISO 9001; Calibration Laboratory), supporting its capability to perform both routine tasks and specialized services, and to sustain a global customer base.
Current clients include top-tier commercial airlines, cargo operators, aircraft leasing companies, and various governmental agencies, both Spanish and international.
ATS AVIATION – Comprehensive Aircraft Maintenance
ATS is a leading provider of maintenance and repair services for executive and commercial aircraft in Southern Europe. The company holds both EASA and FAA certifications and specializes in base maintenance of aircraft from major manufacturers, including Bombardier, Cessna, Dassault, Embraer, Gulfstream, and Pilatus.
Its operations cover a comprehensive range of maintenance services, structured into several specialized lines: base maintenance, line maintenance and Aircraft on Ground (AOG) services, component maintenance and sales, refurbishments, ground support services, and hangar space rental for aircraft parking.
The company operates over 12,000 m² of hangars at Madrid-Cuatro Vientos and Málaga-Costa del Sol, along with two mobile workshops at Madrid-Barajas. Additionally, its facilities include office space, specialized workshops, paint booths, and certified component centers, positioning ATS as a strategic and comprehensive provider for executive aviation operators in Europe.
GESTAIR – Leader in Executive Aviation
Gestair is Spain’s leader in executive aviation management and the main MRO operator in Southern Europe. The company has consolidated itself as the MRO center with the largest number of line and base maintenance certifications in Southern Europe, and the only one in the region offering base maintenance services for aircraft from all major manufacturers, including Dassault, Gulfstream, Hawker, Cessna, Bombardier, Airbus, and Boeing. Its maintenance division has doubled its capacity in executive and military aviation, thanks to new certifications and significant investment in proprietary infrastructure.
Gestair operates two fully renovated hangars at Adolfo Suárez Madrid-Barajas Airport, with a combined area of more than 23,000 m². The company’s infrastructure, approved by international organizations (EASA, FAA, GACA) and with military approvals (PECAL), provides inspections, repairs, and logistical support to both civil and military fleets in highly secure environments. Key contracts include the sustainment of Air Force aircraft and modernization of CL-215T series 5 amphibious aircraft, essential in forest firefighting, reinforcing its strategic role in maintenance.
Gestair operates two fully renovated hangars at Adolfo Suárez Madrid-Barajas Airport, with a combined area of more than 23,000 m². The company’s infrastructure, approved by international organizations (EASA, FAA, GACA) and with military approvals (PECAL), provides inspections, repairs, and logistical support to both civil and military fleets in highly secure environments. Key contracts include the sustainment of Air Force aircraft and modernization of CL-215T series 5 amphibious aircraft, essential in forest firefighting, reinforcing its strategic role in maintenance.
Corporación Financiera Azuaga is a financial group made up of independently managed companies, specialized in providing financial and investment services. The corporation brings together high-value-generating companies across sectors including private equity, renewable energy, aviation, insurance, and agriculture, among others.
www.cfazuaga.com
About Hyperion Fund
Hyperion is Europe’s first fund specialized in defense and aerospace. Launched in 2024, it invests €150 million in companies across NATO member states. Its founding partners are Pablo Casado, Joaquín Ortiz, Ricardo Gómez-Acebo, and José Antonio Bartrina, and it is managed by Singular Asset Management.
