The Spanish aerospace services sector is moving toward greater concentration. Magnum Capital and Artá Capital have agreed to merge their subsidiaries, Aeronáutica de Gestión (AG) and Aviaction, to create the largest independent group in Spain specializing in aircraft maintenance for commercial and executive aviation.
The deal is valued at more than 150 million euros, according to market sources cited by Expansión, and will result in a company with combined revenues exceeding 50 million euros and an EBITDA of around 15 million. The new group, whose name has yet to be decided, will have more than 500 employees and aims to accelerate its international expansion as one of its main objectives.
Two companies specialized in aerospace services
The operation integrates two firms that have recently joined the portfolios of their respective funds. Magnum Capital acquired Aeronáutica de Gestión in January 2026, while Aviaction has been part of Artá Capital’s portfolio since late 2025.
The new company will combine the capabilities of both firms in various areas of maintenance, repair, and overhaul (MRO) services for aircraft. Its activities include cabin design and maintenance, component repair, line maintenance, and aircraft technical cleaning.
This integration will allow these specialties to be consolidated under a single structure and increase the scale of operations in a market where airlines and operators need to ensure high levels of fleet availability. Aircraft require ongoing inspection, repair, component replacement, and maintenance programs to meet the technical and safety standards mandated during their operational life.
Over 50 million in revenues
The size of the resulting company is one of the main attractions of the deal. AG and Aviaction will generate revenues exceeding 50 million euros, an EBITDA of approximately 15 million, and a combined workforce of more than 500 employees.
Magnum Capital and Artá Capital will hold similar stakes and will jointly control about 90% of the equity. The remaining 10% will remain in the hands of José Capilla, founder of Aeronáutica de Gestión, who will take on the position of executive chairman of the new company.
Juan Antonio Carrasco, the current CEO of Aviaction, will assume the role of group CEO and report to the executive chairman. This structure will allow AG’s founder to remain tied to the project and combine the management teams of both companies.
The goal: to grow outside Spain
The integration responds to the need for growth to drive international expansion. The merger of AG and Aviaction will enable the combination of customer portfolios, technical capabilities, and specialties with the aim of competing in a market that significantly extends beyond Spain’s borders.
The growth of fleets and the high utilization of commercial aircraft create a recurring demand for maintenance services. Executive aviation also requires specialized solutions to maintain its aircraft in safe and operational condition.
The new company aims to leverage this trend to expand its international presence and strengthen its position in the commercial and executive aviation segments. The increased scale should also facilitate access to new contracts and provide more comprehensive services to airlines, operators, and aircraft owners.
Increased concentration in the sector
The operation comes amid a context of rising concentration in the Spanish aerospace services market. The new group will compete with various operators, including Boost Air, a company backed by Hyperion that emerged from the integration of Gestair, Brok-Air, and ATS Aviation.
Such operations reflect the interest of investment funds in creating larger companies by integrating specialized firms that have previously operated independently. In the case of AG and Aviaction, Magnum and Artá have chosen to share a common project rather than pursue separate strategies through their respective holdings.
The merger has already been notified to the National Commission on Markets and Competition (CNMC), and its closing is anticipated in the coming months. The transaction must complete the relevant procedures and obtain the necessary approvals from the Spanish competition authority in the meantime.
