FEAM Eyes European Recovery With Transatlantic Takeover
MRO provider FEAM has branched out from the U.S. market and into Europe with the purchase of UK-based BOSA.
The Manchester-headquartered company provides line maintenance across all Boeing and Airbus aircraft at three locations in the UK and in Leipzig, Germany. It also offers component repair and AOG services.
With a recovery in the U.S.—albeit one that has stalled somewhat in the face of rising COVID-19 case numbers—and surging vaccination rates in Europe, FEAM clearly sees an opportunity for transatlantic expansion.
“With this acquisition, we look forward to the expansion of our services and the FEAM brand, throughout the UK and Europe. And while the current pandemic is certainly not over, we felt the timing was right and this acquisition positions us well for the recovery in these markets,” said FEAM president Cam Murphy.
FEAM is a line maintenance specialist that is present at 30 U.S. locations. It also offers base maintenance and has two hangar facilities.
BOSA’s customers include leading European low-cost carriers such as easyJet, Wizz Air and Jet2, as well as network airlines like Iberia, Lufthansa and Virgin Atlantic.
The takeover was announced on the day it was revealed by the Financial Times that two of those customers, easyJet and Wizz, were also involved in another opportunistic takeover play, albeit an unsuccessful one.
Without naming the bidder, easyJet said it had rejected an “indicative proposal [which] took the form of a low premium and highly conditional all‐share transaction which, in the Board's view, fundamentally undervalued the company”.