Private equity firm BGF has invested €5m to acquire a significant minority stake in aerospace and industrial engineering businesses TEAM Accessories Limited.
Based near Dublin airport, TEAM provides overhaul, testing and repair services for the aerospace and industrial sectors.
Its aerospace customers include Lufthansa, Aero Norway, AJ Walter and Aer Lingus. The company also provides services to industry with clients including Alba Power and Electrabel.
The TEAM investment is the third by BGF in an Irish business this year and brings the total invested so far to circa €20m.
It has already invested in nursing home group Brindley Healthcare and home building business Winterbrook.
Set up in 1995, TEAM is owned and led by Pat McEvoy and Tom Gibbons who acquired the business in a management buyout in 2017. The company employs 40 people.
Leo Casey, Head of BGF in Ireland, said that TEAM is a very attractive business with significant growth potential.
"There is no shortage of remarkable businesses in Ireland and the response to the BGF model of taking minority positions and providing patient capital to support existing shareholders and management teams has been exceptional," Mr Casey said.
"We look forward to investing in more ambitious Irish companies in the New Year," he added.